The Financial Conduct Authority (FCA) stated on its website on March 11, 2022 that it has not awarded any bitcoin (BTC) ATM operator permission to operate in the United Kingdom, and that all bitcoin ATM operators in the UK must close or risk enforcement action.
In an unfortunate turn of events for bitcoin (BTC) ATM operators in the United Kingdom, the Financial Conduct Authority (FCA), the country’s main regulatory watchdog, has ordered cryptocurrency ATM operators to take down their machines immediately or face enforcement action.
According to a statement on the FCA’s website, crypto ATMs that facilitate the exchange of bitcoin and altcoins in the United Kingdom must be registered with the agency and operate in accordance with the country’s Money Laundering Regulations (MLR).
The FCA, on the other hand, has stated categorically that none of the companies in charge of these bitcoin ATMs have received approval from it allowing them to provide crypto ATM services, and as a result, all bitcoin ATM operators in the United Kingdom are illegal and should be boycotted by consumers.
The FCA is wary about cryptocurrency ATMs.
A total of 106 bitcoin-related enterprises have registered for registration with the FCA as of March 7, 2022. Of them, 27 are now fully registered with the agency, while 56 have had their applications rejected by the regulator or withdrawn by the businesses themselves.
The remaining 23 businesses have been able to register under the agency’s Temporary Registration Regime (TRR). TRR, which was first presented in December 2020, is intended to offer crypto-focused enterprises a grace period during which they can continue to operate normally until they obtain the requisite permits from the authorities.
The FCA specifically mentioned Gidiplus, a crypto ATM operator whose registration application was turned down by the agency. The firm, however, was dissatisfied with the FCA’s ruling and had to launch a lawsuit, demanding a TRR while it appealed.
In the end, presiding judge Timothy Herrington dismissed the case on the grounds that Gidiplus had failed to offer sufficient proof of how it would conduct its crypto ATM business in a broadly compatible manner while its appeal was pending.
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