{"id":2577,"date":"2022-03-13T20:17:46","date_gmt":"2022-03-13T20:17:46","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=2577"},"modified":"2022-03-13T20:17:46","modified_gmt":"2022-03-13T20:17:46","slug":"uk-watchdog-asks-crypto-atm-providers-to-stop-operating-or-face-enforcement-action","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2577","title":{"rendered":"UK Watchdog Asks Crypto ATM Providers to Stop Operating or &#8216;Face Enforcement Action&#8217;"},"content":{"rendered":"<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 = \"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><br \/>\n<\/p>\n<p><strong>U.K. watchdog, the Financial Conduct Authority (FCA), has told firms running crypto ATMs in the country that they are operating illegally and must therefore shut down their machines. Operators that fail to heed the warning will face enforcement action, the FCA said.<\/strong><\/p>\n<h2>Crypto ATM Providers Operating Illegally<\/h2>\n<p>The U.K. financial sector watchdog, the Financial Conduct Authority (FCA), has said it asked cryptoasset service providers that operate crypto ATMs to \u201cshut their machines down or face enforcement action.\u201d The watchdog insisted that since none of the crypto firms that it has registered is approved to operate a crypto ATM, any one of these companies that operates one in the U.K. is doing so illegally.<\/p>\n<p>In a statement released on March 11, 2022, the FCA suggested that the decision to go after crypto ATM operators of the reported 81 machines came after a U.K. judge had ruled against one crypto ATM operator, Gidiplus.<\/p>\n<p>According to the statement, Gidiplus wanted the country\u2019s Upper Tribunal to allow it to continue trading while it waits for the determination of its appeal \u2014 an appeal against the FCA\u2019s decision to refuse its application for registration under the Money Laundering Regulations (MLR). However, the judge hearing the case reportedly determined that there was \u201ca lack of evidence as to how Gidiplus would undertake its business in a broadly compliant fashion.\u201d<\/p>\n<p>The FCA, in the meantime, said it had found that some 110 crypto firms that were on its list of unregistered crypto firms are now no longer operational. The watchdog concludes its statement by warning consumers about the risks of trading cryptocurrencies. The statement says:<\/p>\n<p>We regularly warn consumers that cryptoassets are unregulated and high-risk which means people are very unlikely to have any protection if things go wrong, so people should be prepared to lose all their money if they choose to invest in them.<\/p>\n<h2>FCA\u2019s Stance on the Use of Crypto to Evade Sanctions<\/h2>\n<p>Meanwhile, in a different statement, the FCA clarified that the country\u2019s financial sanctions regulations \u201cdo not differentiate between cryptoassets and other forms of assets.\u201d The watchdog added that any \u201cuse of cryptoassets to circumvent economic sanctions\u201d is therefore determined to be a criminal offense under the Money Laundering Regulations 2017, and regulations made under the Sanctions and Anti-Money Laundering Act of 2018.<\/p>\n<p>The FCA\u2019s warning comes as concerns are voiced that sanctioned Russian entities will attempt to use cryptoassets to evade sanctions. Nevertheless, the watchdog said in the statement that it \u201chas already written to all registered cryptoasset firms and those holding temporary registration status to highlight the application of sanctions on various entities and individuals.\u201d<\/p>\n<p><em><strong>What are your thoughts on this story? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n<p>Terence Zimwara <\/p>\n<p class=\"article__body__author__info__about\">\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.<\/p>\n<p><i class=\"td-icon-font td-icon-linkedin\"\/><\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p><i class=\"td-icon-font td-icon-telegram\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/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:\/\/news.bitcoin.com\/uk-watchdog-asks-crypto-atm-providers-to-stop-operating-or-face-enforcement-action\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.K. watchdog, the Financial Conduct Authority (FCA), has told firms running crypto ATMs in the country that they are operating illegally and must therefore shut down their machines. Operators that fail to heed the warning will face enforcement action, the FCA said. Crypto ATM Providers Operating Illegally The U.K. financial sector watchdog, the Financial Conduct [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2577","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=2577"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2577\/revisions"}],"predecessor-version":[{"id":2579,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2577\/revisions\/2579"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2578"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}