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UK regulator orders crypto ATM operators to shut down


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The UK’s Financial Conduct Authority (FCA) has contacted crypto ATM operators to shut down their machines or face penalties since they are unlicensed.

According to an FCA notice published on Friday, none of the crypto ATM operators in the UK are registered to do business in the country. As such, all such machines are operating illegally.

There are 81 crypto ATMs in the UK, according to data from CoinATMRadar, with the majority located in the London Area. Manchester, Oxford and Birmingham also host a few machines.

The FCA’s notice comes on the heels of a court ruling against Gidiplus, a crypto ATM operator in the UK. Gidiplus previously lodged an appeal with the Upper Tribunal challenging the FCA’s decision to reject its licensing application under the Money Laundering Regulations (MLR) regime.

At the time, the FCA rejected the Gidiplus application due to insufficient identity verification for customers doing small transactions. The FCA stated that Gidiplus’s identity verification for people doing transactions below 250 British pounds ($327) opened to door…

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