UK bans cryptocurrency ATMs

The UK regulator decided to ban the operation of crypto ATMs. The companies to which they belong, according to representatives of the FCA, operate without licenses, which is unacceptable.

The work of cryptocurrency ATMs was recognized as an illegal type of service. Therefore, all ATM operators in the UK have received a ruling from the FCA. It talked about huge fines if customer service was not terminated.

Operators will be able to continue providing services for the sale of cryptocurrency only after they receive a UK cryptocurrency license. This is not easy, as operators will have to set up activities in accordance with the requirements of the MLR.

 

 

British media note that such a decision of the regulator appeared after a lawsuit against the company Gidiplus, which is the operator of the ATM network. After this company received a refusal to issue a license from the FCA, its representatives decided to challenge the decision of the regulator in court.

However, the court took the side of the regulator. During the hearing, it turned out that Gidiplus did not receive a license due to the collection of insufficient information about customers. For deposits under £250, the ATMs did not require personal information, according to the FCA. This could facilitate money laundering.

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CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.

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