UK authorities outlaw crypto ATM operators

The UK Financial Conduct Authority (FCA) and the digital intelligence unit of the West Yorkshire Police announced that all companies installing crypto ATMs operate outside the legal field.

The FCA draws attention to the fact that in order to combat money laundering, all cryptocurrency companies operating in the UK are required to register and obtain regulatory approval.. The FCA explains: Cryptocurrency ATM operators are classified as crypto asset exchange service providers and are required to comply with local anti-money laundering regulations.

The authorities, based on the data collected, sent a warning to all unregistered cryptocurrency ATM operators about illegal activities.

The regulator draws attention to the fact that in case of non-execution of the order, operators of cryptomats who violated the instructions will be punished in the form of fines, and their equipment will be dismantled.

Recently, the UK Financial Conduct Authority said that the heads of crypto companies could face up to two years in prison for failing to comply with advertising requirements for their products and services.