UK regulator to ban bitcoin ATM operators

The UK Financial Conduct Authority (FCA) warned that operators of cryptocurrency ATMs are operating illegally in the country.

The regulator said that none of these firms has obtained permission to provide digital-asset exchange services.

“We are concerned about bitcoin ATMs operating in the United Kingdom, so we will contact operators to instruct them to disconnect the devices, or take action against them,” the FCA said.

The FCA cited one of the companies operating bitcoin ATMs in the country — Gidiplus. The firm petitioned the court to continue providing services while awaiting the appeal on the denial of registration. The judge ruled against it. He noted that “there is no evidence as to how Gidiplus will conduct its activities in compliance with regulatory requirements”.

According to Coin ATM Radar, as of writing there are 80 crypto ATMs operating in the country.

Earlier, the FCA said that in the first six months of 2021 reviewed 300 cases related to unregistered companies in the digital-currency industry.

Analysts at Grand View Research forecast growth of the global bitcoin ATM market to $1.88 billion by 2028.