Bitcoin ATMs declared illegal in UK by Financial Regulator
Bitcoin and other cryptocurrency ATMs that allow people to buy and sell crypto are illegal in the UK, according to a letter made public on Friday by Britain’s Financial Conduct Authority. That means anyone currently operating a Bitcoin ATM is doing so illegally and will have to stop, according to the government regulator.
“Crypto ATMs offering cryptoasset exchange services in the UK must be registered with us and comply with UK Money Laundering Regulations,” the Financial Conduct Authority announced on its website.
“None of the cryptoasset firms registered with us have been approved to offer crypto ATM services, meaning that any of them operating in the UK are doing so illegally and consumers should not be using them,” the FCA continued.
It’s unclear how many bitcoin ATMs may currently be in operation throughout Britain, though the online tracker Coin ATM Tracker claims there are currently 84 in the UK. The same website lists over 34,000 crypto ATMs in the U.S. alone, by far the largest number in the world.
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Source: Bitcoin ATMs Declared Illegal in UK by Financial Regulator