{"id":2520,"date":"2022-03-11T11:59:53","date_gmt":"2022-03-11T11:59:53","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=2520"},"modified":"2022-03-11T11:59:53","modified_gmt":"2022-03-11T11:59:53","slug":"fca-issues-termination-order-for-bitcoin-atms","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2520","title":{"rendered":"FCA issues termination order for Bitcoin ATMs"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Financial Conduct Authority (FCA), United Kingdom\u2019s central financial regulator, has issued a damning verdict on the presence of Bitcoin (BTC) ATMs within the island country.<\/p>\n<p>In what has come as a surprise to many within the industry, the U.K. authority has issued a stern \u201cshut down or face further action\u201c order to operators of Bitcoin ATMs, outlining their intentions to contact these companies to affirm the notice.<\/p>\n<p>The watchdog cited a lack of regulatory structure, the high-risk potential of fluctuating assets and the importance of upholding the principles established within the Money Laundering Regulations (MLR) as the primary reasons for the enforcement.<\/p>\n<p>\u201cWe are concerned about crypto ATM machines operating in the UK and will therefore be contacting the operators instructing that the machines be shut down or face further action.\u201d<\/p>\n<p>The FCA has granted registration approval to 33 crypto companies since August 2020 under the MLR framework, the most notable of which being: Gemini Europe Ltd, Kraken\u2018s holding company\u00a0Payward Ltd,\u00a0Galaxy Digital UK Limited and, more recently added to the list on Jan. 14,\u00a0eToro (UK) Ltd.<\/p>\n<p>Additionally, the FCA has offered\u00a0temporary registration status to 22 companies until March 31, 2022, at which time a decision will be determined on the validity of their application. These companies include the likes of\u00a0Blockchain Access UK Limited (blockchain.com),\u00a0Copper Technologies (UK) Limited,\u00a0Revolut Ltd and\u00a0Wirex Ltd, among others.\u00a0<\/p>\n<p>Analytical data conducted by Coin ATM Radar indicate that there are 81 Bitcoin ATMs within the U.K., operated by eight companies. The word presented y of the FCA is that none of these companies have filed appropriate documents or attained licensing status to operate such services within the jurisdiction.<\/p>\n<p>Precedent for this ruling was established on Nov. 15, when\u00a0Gidiplus Limited, the Bitcoin-centric crypto asset automated teller machine (CATM) service, was handed a decision notice by the FCA which refused their application as a \u201ccrypto asset exchange provider,\u201d otherwise known as a Bitcoin ATM service.<\/p>\n<p>According to the official sixteen-page\u00a0report, Gidiplus did not meet the \u201cconditions for registration\u201d under the MLR law.<\/p>\n<p>On Dec. 3, Gidiplus unsuccessfully appealed the decision to overturn the ruling in the Upper Tribunal chamber, with the FCA concluding their assessment with the notion that the appellants case provided a \u201clack of evidence as to how Gidiplus would undertake its business in a broadly compliant fashion pending determination of its appeal.\u201d<\/p>\n<p><em>This is a breaking story which will be updated with more details soon.<\/em><\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/fca-issues-termination-order-for-bitcoin-atms\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial Conduct Authority (FCA), United Kingdom\u2019s central financial regulator, has issued a damning verdict on the presence of Bitcoin (BTC) ATMs within the island country. In what has come as a surprise to many within the industry, the U.K. authority has issued a stern \u201cshut down or face further action\u201c order to operators of Bitcoin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2521,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-2520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2520"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2520\/revisions"}],"predecessor-version":[{"id":2522,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2520\/revisions\/2522"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2521"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}