UK regulator orders shut down of crypto ATMs
(Edited)
Hello lovely people of HIVE community. Hopefully you will be enjoying your life with good health and spirit. UK regulator has ordered to shut down all crypto ATM in UK.
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81 crypto ATM's are working in UK and according to UK Financial Conduct authority all the machines are illegal as they have no license.
According to the law it is mandatory for crypto ATM's to have license and comply with all money laundering regulation. Indeed tough situation for the people of UK but we need better regulation and comply all money laundering regulation to make crypto easily adoptable. What is your opinion my friends?
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Thanks for the update - I hadn't heard of this before !
It is all about control. The legacy finance people in charge of the FCA hate the idea that people can do transactions anonymously, they want everything to go through the banks so that they have data on what everyone does with their money.
On the other hand, I wouldn't have used a BTC ATM anyway, they are an incredibly expensive way to buy crypto. It is just a shame that most easy-to-use methods are overpriced, they always seem to have an extra fee built in on top of the gas charges.
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Lol this is the first time I would ever here such but before the ATM was placed didn't they have it in mind that there must be license before it can be used