Shuting down all bitcoin ATMs illegally operating in Uk

[Hypnosis00]

I'm in favor of what they are doing, that is the thing they are supposed to do because the moment that they just tolerate installing BATM, they are also letting these owners to helping illegal transactions. What they looked at is the welfare of everyone, well, some people would say it was unfair but that is the law, those businesses that have not permits are illegal and should be stopped. Because I don't that the UK is against crypto but only these owners are lazy enough to comply with their requirements in order to become legally operated.

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[panganib999]

The law is harsh, but it is the law.

These bitcoin ATMs knew what they were getting into. No way do they think that the government will let things slide without at least asking them to license themselves to operate. And this negligence to follow the basic rules in operating is what pushes me to side the government this time, much as I hate to admit it. The least you could do is to follow legislations and get a license to actually operate within legal grounds to not only be on the good side of the law, but to also as much as possible give your users the peace of mind they deserve.

Seems like nowadays people are just in this industry for profits, which is not entirely wrong, but if you're jeopardizing its integrity for a quick buck, then we're going to have a little problem about that.

[FinneysTrueVision]

There is no evidence in this article that these Bitcoin ATM's were doing anything nefarious. If these ATMs had been operating legally for many years then this might just be a case of government overreaching and businesses not wanting to comply with burdensome regulation that is being imposed on them in order to maintain ordinary law abiding people inside a heavily surveilled financial system. Unfortunately, governments don't believe citizens are entitled to financial privacy that is why they try and regulate these services away or force them to obey draconian rules.

[Kakmakr]

Well, it is not possible for them to apply this in the wrong way.... if the authorities rock up at your establishment and you have the correct documents, then your ATM will stay.

This is not a crackdown on ALL ATMs..... it is a crackdown on illegal (SCAM) operators that are not operating under the rule of the law. Now, even if this is a good thing, people should consider why some operators decided not to operate ATMs that are not legit. (Process for legalization might be too complex or the requirements are too strict....etc)

[Rikafip]

Even in a developing country like mine, it would not be feasible to install a BATM without facing legal consequences.

Who says that operators of those BATM won't have to face legal consequences?

And this negligence to follow the basic rules in operating is what pushes me to side the government this time, much as I hate to admit it. The least you could do is to follow legislations and get a license to actually operate within legal grounds to not only be on the good side of the law, but to also as much as possible give your users the peace of mind they deserve.

Food for thought: how come no BATM operator in UK managed to get approved by FCA as of yet, while operators in other countries have no issues whatsoever? Are UK operators completely incompetent, or FCA regulation is made on purpose so strict so no one can meet their demands? In FCA eyes, Bitcoin is mainly used by criminals so no wonder that they made it as hard as possible to operate ATM.

And no, I don't think that this gives Bitcoin a bad name, but instead makes UK look very crypto unfriendly.

This is not a crackdown on ALL ATMs..... it is a crackdown on illegal (SCAM) operators that are not operating under the rule of the law

Since no operater is registered with FCA, it's essentially crackdown on all BATM in UK.


Its interesting to see that CoinATM Radar lists 10 BATM available in UK at the moment. Maybe FCA is using that website to track them.

[Faisal2202]

I am still surprised that some firms will install ATMs on the streets of the UK without registration. These operators would have been arrested immediately after it was installed. I am assuming that the government is not telling the truth. It is also possible that the government amended the law thereby making these ATMs illegal. Maybe the Financial Services and Markets Act 2023, is behind the clampdown.

That's what i find shocking because UK is a country where each firm and installation of new projects needs to go through strict surveillance and they have to comply with all the rules. But still how could these 32 ATMs find a way to be implemented under their nose.

As i said before, UK authorities does not hate crypto and these BTC ATMs that much. But over the past year. The most ATMS that have been shut downed are by this same Country (UK). So, i didn't find it that much shocking.