This morning, the UK’s Financial Conduct Authority issued a statement detailing that all of its cryptocurrency trading platforms will be shut down. The FCA claims this is because crypto ATMs have not been properly regulated and are considered high-risk due to their unregulated nature.
The “fca crypto atm” is an order that has been put in place by the Financial Conduct Authority, which will see all UK cryptocurrency ATMs closed down.
The Financial Conduct Authority (FCA) has ordered that all cryptocurrency ATMs in the United Kingdom be shut down.
The Financial Conduct Authority (FCA) of the United Kingdom said that all crypto ATMs in the nation are functioning unlawfully. As a result, the regulator ordered that all of these ATMs be shut down.
The FCA reaffirmed in an official statement that crypto ATMs must be licensed and follow UK money laundering laws and regulations.
Despite this, no crypto firms that have registered with the authority have been permitted to provide crypto ATM services. It implies that they are doing business unlawfully.
According to data obtained from the Coin ATM Radar website, the United Kingdom has fewer than 100 crypto ATMs. The FCA will contact all operators and tell them to stop down their devices or face more lengthy and harsh legal action.
The commission announced earlier this month that in 2021, it started more than 300 probes involving crypto businesses in only six months. It further said that it is now conducting 50 investigations, including criminal inquiries involving firms in the fledgling sector.
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The “crypto com fca regulated” is a new order from the Financial Conduct Authority. The FCA orders the closure of all UK crypto ATMs by October 13th, 2018.
