FCA says all UK crypto ATMs must be shut down

The UK’s Financial Conduct Authority (FCA) has warned operators of crypto ATMs in the country to “shut their machines down or face enforcement action”.

The FCA says UK crypto ATMs must be shut down

Crypto ATMs offering cryptoasset exchange services in the UK must be registered with the regulator and comply with UK Money Laundering Regulations (MLR).

The FCA says: “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.”

“We are concerned about crypto ATM machines operating in the UK and will therefore be contacting the operators instructing that the machines be shut down or face further action.”

Alongside its message to crypto ATM operators, the FCA also took the opportunity to warn consumers about the risks of cryptoassets.

“Cryptoassets are unregulated and high-risk which means people are very unlikely to have any protection if things go wrong, so people should be prepared to lose all their money if they choose to invest in them,” the FCA says.