Bitcoin ATMs in UK Declared as Illegal

[Eureka_07]

So, I just seen 1 post from a FB page regarding this, and then tried to see if it was true...

Just yesterday, 11th of March, Bitcoin ATMs are declared illegal in the UK by their regulator Financial Conduct Authority or the FCA.  They said that the owners of these machines should stop operating or else they will be sanctioned.

As of writing this post, there are 70 Bitcoin ATMs/Tellers in United Kingdom based from the data on Coin ATM Radar.

I was just wondering, how will these kind of actions by some regulatory body affects bitcoin and its value? Any thoughts?


Sources:
beincrypto.com
blockworks.co

[cheezcarls]

So, I just seen 1 post from a FB page regarding this, and then tried to see if it was true...

Just yesterday, 11th of March, Bitcoin ATMs are declared illegal in the UK by their regulator Financial Conduct Authority or the FCA.  They said that the owners of these machines should stop operating or else they will be sanctioned.

As of writing this post, there are 70 Bitcoin ATMs/Tellers in United Kingdom based from the data on Coin ATM Radar.

I was just wondering, how will these kind of actions by some regulatory body affects bitcoin and its value? Any thoughts?


Sources:
beincrypto.com
blockworks.co

It really sucks to be honest. I’m not from UK, but I know how UK BTC citizens feel about this move. Sometime last year, Binance was on the hot table of UK’s financial sector regarding the compliance and regulatory issues.

As a result, the financial regulator banned Binance for making the services available to UK citizens. It also instructs UK banks as well to stop accepting crypto payments in their financial ecosystem as I have remembered.

[onecall123]

It is illegal for UK crypto-ATMs to operate. No surprise there. However, bitcoin can still be used in a number of locations. The ruling class doesn't want people to have an alternative currency they can't control or freeze when they please. Since they're unregulated, I guess there aren't any licenses to operate a crypto ATM. The obvious reason is the Russian war. I'd say it's an excuse, not a reason.

Let's hope the USA doesn't follow in their footsteps...

[Ararbermas]

I was just wondering, how will these kind of actions by some regulatory body affects bitcoin and its value? Any thoughts?

imagine how many bitcoin ATMs machine they have, so it means there's alot of people using bitcoin on that country and however if they ban it and become illegal surely it make an impact in the market because that's the common reason why value of bitcoin decrease drastically.

[mindrust]

They could have mandated KYC on those ATM's instead of banning them completely. Were the ATM's allowing anonymous crypto purchases? If so, banning them makes sense for the government because they want to control everything they can. If they were already KYC'ing then I can't see the reason for making them illegal. Either way it is a dumb move.

[evilgreed]

               UK = Unuted Kingdom or Ukraine? Either way it's equally detrimental for bitcoin and all the alts since most follows the movement of bitcoin. It's just that if this is Ukraine we are talking about, it will he a huge blow to the people suffering there. Even with the money laundering troubles it be the keast concerns as they right now are being invaded. They need all the help they can get, although bad will jever be good no matter how much it gets sugarcoated, the regulators should be more considerate at times like this.

[Fortify]

So, I just seen 1 post from a FB page regarding this, and then tried to see if it was true...

Just yesterday, 11th of March, Bitcoin ATMs are declared illegal in the UK by their regulator Financial Conduct Authority or the FCA.  They said that the owners of these machines should stop operating or else they will be sanctioned.

As of writing this post, there are 70 Bitcoin ATMs/Tellers in United Kingdom based from the data on Coin ATM Radar.

I was just wondering, how will these kind of actions by some regulatory body affects bitcoin and its value? Any thoughts?

Nobody can predict for sure what's going to happen, but it's certainly a sign that the regulators in the UK want more oversight of even the smallest level transactions - apparently these ATM's were not doing adequate identity checks and this would open them up to money laundering concerns. I think we're going to see more action against cryptocurrency soon, as there are severe financial sanctions against Russia and they're going to be looking for all sorts of ways around them. The fact that many exchanges have refused to cooperate so far is going to put them in a bad light with politicians and the general public, so law makers will have an easier time taking action.

[mindrust]

              UK = Unuted Kingdom or Ukraine? Either way it's equally detrimental for bitcoin and all the alts since most follows the movement of bitcoin. It's just that if this is Ukraine we are talking about, it will he a huge blow to the people suffering there. Even with the money laundering troubles it be the keast concerns as they right now are being invaded. They need all the help they can get, although bad will jever be good no matter how much it gets sugarcoated, the regulators should be more considerate at times like this.

UK = United Kingdom.

I've never heard UK as the acronym of Ukraine before.  UKR or UA = Ukraine.

Ukraine has more important shit than banning crypto ATM's right now. (you know, dealing with the ongoing Russian invasion)

[DdmrDdmr]

<…> The obvious reason is the Russian war <…>

Nothing to do with it. The regulatory foundations were set a couple of years ago, and it’s the need to register with the FCA by the end on this month (obviously complying with all the set regulation) that must have been the trigger. We discussed it here yesterday, although the thread was moved to Service Discussion > Exchanges (a bit too nit-picky I’d say).

By the way, that this BTC ATM clousure seems to be moving fast: during mid-december 2021 there were 103 bitcoin ATMs in the UK (United Kingdom ffs). I believe I saw the figure being 81 yesterday on CoinATMRadar, and today the toll is down to 70.

[Dunamisx]

They said that the owners of these machines should stop operating or else they will be sanctioned.

Only applicable to all unregistered bitcoin ATM operators

As of writing this post, there are 70 Bitcoin ATMs/Tellers in United Kingdom based from the data on Coin ATM Radar.

That's wrong, UK have about 80 bitcoin ATM according to https://coinatmradar.com/countries/

I was just wondering, how will these kind of actions by some regulatory body affects bitcoin and its value? Any thoughts?

This has nothing to do with bitcoin value as its not one of the determining factors to bitcoin prize rise and fall, this is just a call for bitcoin atm operators to register and be identified with their regulatory body.

[Lucius]

https://bitcointalk.org/index.php?topic=5389248.0

Posted in Bitcoin Discussion, but moved to Exchanges - although it made sense to be here as well because it concerns Bitcoin. I think the first thread should be given priority in the discussion.

[MCVXYZ]

I Wonder why developed Countries can't make network or something like that  and  impose some provisions for anti money laundering on these ATMs. May criminals have fraud schemes for this?

[DapanasFruit]

In my own view, the powers that be in United Kingdom wants to exercise its regulatory power as there is still no law that empower Bitcoin ATMs to do business with their targeted market. So in the meantime, they decided to stop anybody from operating the said business. We are then hoping that there can be laws that can be passed for the said Bitcoin ATMs as part of regulating the whole cryptocurrency industry but I can sense that the government in there has this reluctant look at this industry maybe even viewing it as a threat to the stability of the existing financial system and by this we can conclude that UK is not that friendly to cryptocurrency at all.

[oHnK]

It is illegal for UK crypto-ATMs to operate. No surprise there. However, bitcoin can still be used in a number of locations. The ruling class doesn't want people to have an alternative currency they can't control or freeze when they please. Since they're unregulated, I guess there aren't any licenses to operate a crypto ATM. The obvious reason is the Russian war. I'd say it's an excuse, not a reason.

Let's hope the USA doesn't follow in their footsteps...

If the main reason why they ban crypto ATM is Russia, that makes sense because in their country there're many Russian who still live but when the financial access have been freezed by the government, crypto ATM is one of the most channel to keep making transaction as easy as they can do. Because only crypto can be universal and decentralized so government can't control their action.

[Cookdata]

So, I just seen 1 post from a FB page regarding this, and then tried to see if it was true...

Just yesterday, 11th of March, Bitcoin ATMs are declared illegal in the UK by their regulator Financial Conduct Authority or the FCA.  They said that the owners of these machines should stop operating or else they will be sanctioned.

As of writing this post, there are 70 Bitcoin ATMs/Tellers in United Kingdom based from the data on Coin ATM Radar.

I was just wondering, how will these kind of actions by some regulatory body affects bitcoin and its value? Any thoughts?


Sources:
beincrypto.com
blockworks.co

It wouldn't have any impact on it price, just a regular bad day for bitcoin. It is just the use of ATM machine and it possible that the regulators are trying to put things in place for everyone safety.
As long as bitcoin isn't ban, the use will remain and there will be a demand to allow the use if these machines, you can even see that bitcoin price is still where it was opened today, no loss nor significant gains.

[darkangel11]

<…> The obvious reason is the Russian war <…>

Nothing to do with it. The regulatory foundations were set a couple of years ago, and it’s the need to register with the FCA by the end on this month (obviously complying with all the set regulation) that must have been the trigger. We discussed it here yesterday, although the thread was moved to Service Discussion > Exchanges (a bit too nit-picky I’d say).

By the way, that this BTC ATM clousure seems to be moving fast: during mid-december 2021 there were 103 bitcoin ATMs in the UK (United Kingdom ffs). I believe I saw the figure being 81 yesterday on CoinATMRadar, and today the toll is down to 70.

Seems like not many people want to register. I wonder why. Is it that expensive?
In the EU it's fine to operate ATMs, you only need to keep track of financial transactions above 1k EUR and require KYC if somebody withdraws more. I've used ATMs a number of times and never had any problems. Of course I kept my transactions under 1k to stay below the radar

It really sucks for UK citizens. Looks like the country becomes more anti-freedom. The last 20 years were a time of such prosperity for the EU and then you get brexit, covid, Russian invasion, inflation and recession and now countries attacking BTC for some stupid reason.

[usekevin]

So, I just seen 1 post from a FB page regarding this, and then tried to see if it was true...

Just yesterday, 11th of March, Bitcoin ATMs are declared illegal in the UK by their regulator Financial Conduct Authority or the FCA.  They said that the owners of these machines should stop operating or else they will be sanctioned.

As of writing this post, there are 70 Bitcoin ATMs/Tellers in United Kingdom based from the data on Coin ATM Radar.

I was just wondering, how will these kind of actions by some regulatory body affects bitcoin and its value? Any thoughts?


Sources:
beincrypto.com
blockworks.co

If it was a true statement, their will be huge fall in bitcoin further. It may be the counter effect for the war. Because their was a news, the Russians using the bitcoin for the exchange of their currency.So they keep selling their cyrrency for Dollars.They also do reduce the price further. To avoid of Russian transaction in the UK.They may take this step.The Russian may started this because for the reason of SWIFT transaction was blocked.

[Blended@]

Hmmm bitcoin ATMs this is serious ooo,something that is been done online transaction is now with ATMs that show that very soon crypto currency with have ATMs,but if the ATMs will the transaction very easy no problem