The UK’s Financial Conduct Authority has now released information that ATMs where users can withdraw or deposit money from their crypto wallets are banned in the country. Some crypto ATMs have appeared in the UK in recent years, but they have not yet obtained the required permits to set them up. FCA writes:
“Crypto ATMs offering crypto-asset exchange services in the UK must be registered with us and comply with UK Money Laundering Regulations (MLR). None of our registered crypto-asset companies have been approved to provide crypto ATM services, which It means that any of them operating in the UK are doing so illegally and consumers should not use them.”
The fact that the FCA has now exited and states that crypto ATMs do not have a permit in the UK is believed to be due to fears that they are being used to launder black money from criminal activities. It is unclear exactly how many crypto ATMs there are in the UK, but it is believed to be around a hundred. It is comparable to the United States, where the use of crypto ATMs is allowed, which has more than 34,000 ATMs with support for cryptocurrencies.
fca.org.uk
Across
Bitcoin fever
Last year, Canadian Robocoin tested a Bitcoin ATM in Vancouver. This ATM has become very popular and so far people have withdrawn almost a million dollars from it. Now Robocoin will release more machines and this month it will appear in the American cities of Seattle and Austin. Robocoin also plans to start installing Bitcoin ATMs in Asia within a few weeks. To get some money from these devices it takes more than a simple PIN as you also need to read your passport or driver’s license before you can take the cash.
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There is no completely trivial process
Will and Norm from Tested recently went to a Bitcoin ATM where they tried to buy Bitcoins. Of course, the whole process was documented and as you can see in the clip above, there was no Minuten speed on the port directly.
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The number of ATMs to buy cryptocurrency is increasing
According to CoinATMradar, there are now soon 9,000 vending machines from which Bitcoin and other cryptocurrencies can be withdrawn around the world. In addition, there are more than 200,000 other service points in 71 countries where cryptocurrencies of various types can be exchanged. In bitcoin machines, users can buy cryptocurrency with their bank card or cash. Then the buyer receives a QR code that is scanned into the mobile phone and then the purchased cryptocurrency is transferred to the user’s digital wallet for cryptocurrency. Here in Sweden, the first Bitcoin machine actually appeared in 2013, but at the moment there doesn’t seem to be anything left according to CoinATMradar.
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