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Bitcoin (BTC) ATMs forced to close in the UK

by Thomas

The Financial Conduct Authority (FCA), a regulator of the financial sector in the UK, has announced that all Bitcoin (BTC) ATMs currently operating in the UK must close. The reason for this is that none of them are in compliance, particularly with the Money Laundering Act (MLR). Some 60 machines are affected.

FCA orders Bitcoin ATMs to close

The Financial Conduct Authority (FCA), the equivalent of the US SEC but for the UK, announced on Friday that all Bitcoin (BTC) ATMs currently operating in the UK must close.

According to the statement published directly on the FCA’s website, they do not comply with the country’s regulations.

Indeed, in order to operate in the UK, cryptocurrency distribution services must be registered with the FCA and also declared compliant with the UK’s anti-money laundering regulations (MLR).

However, according to the paper, none of the ATMs currently operating in the UK meet these requirements. Therefore, their presence is illegal and the FCA advises against their use.

At this stage, the FCA’s statement only serves as a warning, while at the same time stating that its services would contact the operators concerned to condemn their machines before “further action is taken”.

The FCA is taking the opportunity to remind people that it believes cryptocurrencies are a risky investment:

“We regularly warn consumers that crypto-currencies are unregulated and high risk, which means that you are likely to have no protection if things go wrong, and so you should be prepared to lose all your money if you decide to invest in them. “

The number of ATMs is growing rapidly around the world

According to Coin ATM Radar, there are currently about 60 Bitcoin ATMs in the UK, most of them owned by the company General Bytes.

Bitcoin ATMs, a term that seems quite foreign to us as French citizens, are nevertheless popular in many countries around the globe. They allow any individual to obtain Bitcoin or other crypto-currencies if they have a payment card, in any type of shop.

The number of ATMs has literally exploded, with more than 36,400 around the world today, compared to just over 15,000 at the start of 2021, an increase of 159%.

Number of ATMs worldwide from 2014 to today

Number of ATMs worldwide from 2014 to today


Present in 76 countries, they are still mostly located in North America. In fact, according to Coin ATM Radar, more than 95% of distributors are currently located in North America.

Europe pales in comparison, with only 3.8% of ATMs installed in its territory, and in a rather disparate way. Indeed, most of them are located in Switzerland, Spain or Austria, while France currently has only 3.

Distribution of ATMs around the world

Distribution of ATMs around the world


However, ATMs have been experiencing some setbacks since the beginning of the year. In January, the Monetary Authority of Singapore literally banned them from its territory, claiming that they were an explicit promotion of cryptocurrencies.

Also in January, a report by the Government Accountability Office (GAO) stated that this type of ATM promotes human trafficking in the United States. A claim that has yet to be proven.

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