The Financial Conduct Authority (FCA) of the UK has issued a warning that Crypto ATMs offering cryptoasset exchange services in the UK must be registered with the authority and comply with the country’s Money Laundering Regulations (MLR).
The FCA has clarified that no cryptoasset firm registered with it has received the approval to offer crypto ATM services. Thus, consumers should not be using any such services at the moment.
The FCA will contact the operators running any crypto ATM machines to instruct them to shut down operations. The authority will take further action against those who fail to follow these orders.
Source: Financial Conduct Authority, UK
