UK’s FCA has banned crypto ATMs

There are 80 registered crypto ATMs in the country, Coin ATM Radar reports

11.03.2022 - 13:45

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What’s new? The UK Financial Conduct Authority (FCA) has ordered all operators of cryptocurrency ATMs to cease their operations in the country. This applies to all BTC and other cryptocurrency cashpoints in the UK. The ban is due to cryptocurrencies being outlawed under the UK Money Laundering Regulations (MLRs) and the lack of official approval by the FCA. There are 80 registered crypto ATMs in the UK, according to Coin ATM Radar.

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What are crypto ATMs? Crypto ATMs allow users to deposit cash in exchange for cryptocurrency. The digital assets can then be transferred to other crypto wallets.

What is the attitude towards crypto ATMs in other countries? The total number of crypto ATMs worldwide has exceeded 36 100 devices located in 76 countries. The largest number of crypto ATMs is in the USA, where their share has reached 93% of the total.

Earlier, Singapore banned crypto ATMs as required by the country’s Central Bank.

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