UK’s Financial Watchdog Declares All Crypto ATMs As Illegal

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 Authority (FCA), has said it asked cryptoasset service providers that operate crypto ATMs to “shut their machines down or face enforcement action.” The watchdog insisted that since none of the crypto firms that it....

China’s Supreme Court adds fuel to the fire after the Russian military attacks on Ukraine slipped the crypto market cap to 1.5 trillion. The court declares crypto-fundraising illegal and determines jail time and fines for suspected persons. To be clear, the new bill announced on Thursday is an amendment to previous legislative documents regarding cryptocurrency […]

The financial watchdog in the U.K. has declared that all non-registered ATMs must be immediately closed down or be subject to undisclosed additional action. Financial Conduct Authority (FCA), United Kingdom’s 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 “shut down or face further action" order to operators of Bitcoin ATMs, outlining their intentions to contact these companies to affirm the notice.The watchdog cited a....

This Monday, the Taiwanese Financial Supervisory Commission (FSC) declared Bitcoin an illegal asset. Last year the Taiwanese central bank issued a warning stating that bitcoin was a highly speculative virtual asset and lacked a mechanism to protect its transactions. Now, claims of illegal activities being conducted with aid of the virtual currency were taken to court by the Taiwanese Financial Supervisory Commission. It all began when a Hong Kong tycoon was kidnapped and held hostage for more than a month by a gang in Taiwan. The gang was demanding a ransom to be paid in bitcoin. Today,....

While global authorities are on their toes, FCA, the British financial watchdog, also remains active due to the risks involved in cryptocurrencies. On Friday, Financial Conduct Authority (FCA) issued a note to highlight unauthorized business companies operating in the UK. The announcement hit the Sam Bankman-Fried-led exchange, FTX, and declared the platform offers service without […]