The Financial Conduct Authority (FCA) has ordered all cryptocurrency ATM operators in the country to stop their services immediately.
The procedure applies to all cryptocurrency transactions in the UK in accordance with the UK Anti-Money Laundering Regulations (MLR) and the lack of official FCA approval.
The financial regulator posted a notice on its website on Friday, March 11, stating the following:
“Crypto ATMs offering crypto-asset exchange services in the UK must be registered with us and comply with UK Money Laundering (MLR) regulations. None of the crypto assets firms registered with us have been approved to provide crypto ATM services, meaning that any of them operating in the UK are doing so illegally.”
According to Coin ATM Radar, there were 81 cryptocurrency ATMs in the UK.