ATMs for trading cryptocurrency (especially Bitcoin) are among the most popular devices that allow you to easily convert virtual currency into completely real money. However, as it turned out, some countries consider them a potential source of financial fraud.
FCA, Great Britain’s financial regulator, I decided to declare these ATMs illegal on the islands. This means that an operator who still keeps these machines in operation is doing so against the law and should stop doing so immediately.
The FCA notes that crypto ATMs must be registered while meeting the requirements of the British anti-money laundering regulations. However, at the moment, none of the operators are approved to provide such services, which means that each device is illegal.
ATMs appear to have been widely used for illegal financial transactions, according to information from the UK’s financial regulator. Most importantly, it was often impossible to identify specific people responsible for this practice, because the machines did not perform specific verification of the people exchanging virtual currencies.
“Problem solver. Proud twitter specialist. Travel aficionado. Introvert. Coffee trailblazer. Professional zombie ninja. Extreme gamer.”
More Stories
Below is the schedule of pension payments as of July 2022. Find out what benefits you will get after the changes [17.07.2022]
Overview of the new electric sports cars for the Hyundai Ioniq 5 N and Ioniq 6 N
Portugal has launched a floating solar power plant. It is the largest structure of this type in Europe – Economy