News

Financial watchdog shuts down all Bitcoin ATMs in the UK

Updated: Jul 25, 2024

Published: Mar 11, 2022

The UK's Financial Conduct Authority (FCA) has ordered crypto ATM operators to shut down their machines or face enforcement action, according to a statement released today.

Operators will have to shut down their machines

According to the FCA, none of the crypto companies registered with it are authorized to offer crypto ATM services. Currently, all ATMs are operated by at least eight operators, all of which have been ordered to shut down and remove their machines from their stores.

The FCA has expressed concerns that the ATMs perform minimal background checks, especially when depositing smaller amounts. The regulator can ban owners of companies operating illegally from carrying out other financial business, issue fines or pursue criminal prosecutions.

How many ATMs are there in the UK?

According to Coin ATM Radar, which tracks ATMs around the world, there are 81 operating bitcoin ATMs in the U.K. Most are located in stores and supermarkets, which the FCA has also written to. More than 50 of these machines are located in London, while Birmingham is second with nine cryptocurrency ATMs.

The FCA's recent warning about cryptocurrency ATMs is just the latest in a series of actions related to the wider crypto industry. Last January, the FCA issued a list of five concerns consumers should be aware of when dealing with cryptocurrencies. These relate to consumer protection, price volatility and misleading marketing materials.

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