UK down to 10 crypto ATMs after financial watchdog’s latest cull

Crypto ATMs are on track to go extinct in the UK amidst a crackdown from the country’s top financial regulator

article-image

ezphoto/Shutterstock modified by Blockworks

share

The UK’s financial regulator has shut down dozens of crypto ATMs as part of its ongoing crackdown that includes an outright ban.

The Financial Conduct Authority (FCA) said in a statement it has ceased the operation of 26 machines after inspecting 34 locations.

In one instance, a Sheffield local paid thousands of pounds for crypto which never arrived, the FCA said.

“If you use a crypto ATM in the UK, you are using a machine that is operating illegally and you may be handing your money over to criminals,” said Steve Smart, joint executive director of enforcement and market oversight at the FCA, as reported by Reuters.

In March last year, the regulator moved to ban all crypto ATMs across the UK, warning operators to “shut their machines down” or “face enforcement action.”

As a result of its prohibition, the number of bitcoin ATMs across the UK has fallen by more than 88% from 80 in March 2022 to just 10, Coin ATM Radar shows.

The regulator has also called on crypto firms to abide by new advertising measures by October. 

Those rules aim to govern how companies convey information regarding their crypto-related products across websites, applications and social media platforms, among other mediums.

Earlier this month, the UK took steps to progress a bill that seeks to simplify the process of confiscating digital assets for law enforcement and regulatory authorities.

If enacted, the law could empower officers to seize any hardware, software, physical items, or other objects that could aid in obtaining access to crypto.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. What you can expect: And more! Don’t miss out on the opportunity to be in the room when the future of crypto is decided. Join us and help shape the future of our […]

recent research

Research report - cover graphics-2.jpg

Research

Base has doubled-down on its commitment to the Superchain vision, has shown early signs of success with nearly $400M in TVL, and has become home to novel dapps such as friend.tech which has seen significant traction.

article-image

The bitcoin halving slated for April 2024 — an event expected to spur upward price action for BTC — could be a boon for Block’s stock price, analysts say

article-image

Seed Club founder Jess Sloss is excited to “open the doors and let other people see what we’ve been seeing for the last few months”

article-image

Blockchain is a “natural fit” in games based on open economies and user-generated content, says Wyatt

article-image

Their current stance is a half-baked attempt that could stifle innovation and burden an emerging industry

article-image

Maker’s DeFi-focused “subDAO” passed a proposal activating a lending market for DAI on the Gnosis Chain

article-image

Certain creditors could be repaid sooner, with one hedge fund exec telling Blockworks it expects a payout by the end of the year