Shuting down all bitcoin ATMs illegally operating in Uk

[alastantiger]

The U.K.’s Financial Conduct Authority (FCA) is proceeding with efforts to shut down all bitcoin ATMs “illegally operating” in the country. After more inspections in the past couple of months, the watchdog vowed to continue to take action against operators of unregistered crypto teller machines.
https://news.bitcoin.com/uk-regulator-continues-crackdown-on-crypto-atms-checks-18-new-sites/

These are the people that give bitcoin a bad name. I know there will always be bad actors no matter what but I hate that they there people who are bent on doing the wrong thing knowing consciously that it is wrong. I know that the government may not be our best buddies when it comes to crypto and bitcoin in particular but then laws are meant to be obeyed so that the citizenry can be protected.

Anyone who doesn't want to follow the laws to register their crypto ATM shouldn't operate at all. While I am happy that there is a crackdown on these illegal ATMs my concern is that it may be misapplied and affect legitimate businesses who operate crypto ATM that have complied and gone ahead to register them. Do you think this would happen? I know that even if this happens it may not affect bitcoin or its price but then having crypto ATMS goes a long way in contributing to both visibility and how accessible bitcoin is although I know that their absence do not affect bitcoins value. But seeing it around the corner promotes awareness and adoption, and could motivate individuals to engage with it leading to bitcoin's growth and acceptance.
What do you think?

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[Faisal2202]

I read this news today and i thought why UK wanted to shut down these atms but I didn't know they were talking about illegal ones. Well, if they are going to shut down illegals ones then i am in favor of the Government. Because this is right thing to do.

But i also have idea of how UK governments wants to control everything even if they have started to promote BTC (according to last week news). But still they are shutting down BTC ATMs doesn't make sense. Or maybe these ATMs were used for money laundering or anything illegal that's why they are making some bold moves.

AFAIK the number of ATMs are around 26. Well according to news 6 ATMs are still under investigation as they started investigation on 32 ATMs from the start of 2023 and till now they are able to investigate only 26. Well, i think they do not hate crypto that much.

[Hamza2424]

The U.K.’s Financial Conduct Authority (FCA) is proceeding with efforts to shut down all bitcoin ATMs “illegally operating” in the country. After more inspections in the past couple of months, the watchdog vowed to continue to take action against operators of unregistered crypto teller machines.
https://news.bitcoin.com/uk-regulator-continues-crackdown-on-crypto-atms-checks-18-new-sites/

These are the people that give bitcoin a bad name. I know there will always be bad actors no matter what but I hate that they there people who are bent on doing the wrong thing knowing consciously that it is wrong. I know that the government may not be our best buddies when it comes to crypto and bitcoin in particular but then laws are meant to be obeyed so that the citizenry can be protected.

I am really curious about illegally operating ATMs ( haha like, really I had never heard about it), Hmm actually the point is how they were operating anyway anything is possible in the underworld. People are not interested in the direction ethically or morally it is wrong or right they just need the results and until the results are in their favor they don't give a shit about how is it affecting the community.

Well, I think governments can be our good buddies if they really want to because the system we believe can bring transparency if they really want transparency they can be our best buddies but seems like they just hate this terminology whether it's a developed country or under development country. Everyone likes easy money the only fact including you and me.

[Nwada001]

These are the people that give bitcoin a bad name.

Give Bitcoin a bad name in what way, if I may ask? Those who are operating the illegal Bitcoin ATM are giving a bad name to their company and not to Bitcoin; in fact,  the entire Tech company, if they are found guilty of any illegal activities, will be remembered for that and their reputation will be ruined, but it won't change anything for Bitcoin.
 
The only thing that I see as negative here is that those Bitcoin ATMs being removed might make it a little difficult for those who only know how to fund their wallets using those ATM machines.
 
But my question here is: how will an ATM be mounted in a city without the knowledge of any single regulatory body? To some point, I believe they might be illegal, but they are not completely unlicensed, for there is no way such an operation, which is worth thousands of dollars, will take place with even the local or state regulatory authorities not giving permission to that company.

[komisariatku]

These are the people that give bitcoin a bad name. I know there will always be bad actors no matter what but I hate that they there people who are bent on doing the wrong thing knowing consciously that it is wrong. I know that the government may not be our best buddies when it comes to crypto and bitcoin in particular but then laws are meant to be obeyed so that the citizenry can be protected.

I agree with the action taken by the UK government. I don't think they made bitcoin a bad name, it was the company that installed the bitcoin atm that made bitcoin a bad name. The actions taken by the government are correct, it must be firm against illegal practices so that legal businesses can develop properly.

If the government allows illegal practices then this will give bitcoin a bad name, because people will think that bitcoin is always associated with illegal actions. It's time for bitcoin to follow the existing rules so that many people believe in bitcoin. Although maybe many people don't like it when the government interferes in bitcoin, when it's like that, bitcoin will always be considered negatively by people who don't know about bitcoin.

But in legal companies, will transactions that occur at bitcoin ATMs be reported to government financial authorities?

[Z-tight]

Steve Smart who is the joint executive director of enforcement and Market oversight at the FCA said this:

If you use a crypto ATM in the UK, you are using a machine that is operating illegally and you may be handing your money over to criminals,

This means all crypto ATM's in the U.K. are operating illegally because from my research there are no crypto ATM's that are registered under the FCA. I don't live in the U.K so i wonder how popular crypto ATM's are over there and why none of them have registered under the appropriate regulatory body, which is the FCA.

But i also have idea of how UK governments wants to control everything even if they have started to promote BTC (according to last week news). But still they are shutting down BTC ATMs doesn't make sense. Or maybe these ATMs were used for money laundering or anything illegal that's why they are making some bold moves.

I don't know the news you are talking about, but the U.K. government are not promoting BTC, and they are cracking down on BTC ATM's because they are all unregistered.

[Hamza2424]

AFAIK the number of ATMs are around 26. Well according to news 6 ATMs are still under investigation as they started investigation on 32 ATMs from the start of 2023 and till now they are able to investigate only 26. Well, i think they do not hate crypto that much.

Hmm, Hate? really I don't think so from any angle it is related to the hate towards the crypto... ahh I would say Bitcoin because there are many things in the crypto market o and my emotions are also = sort of hate well that's another story.

After reading the whole case I think there should be a proper regulation for such operational machinery because if it is what the government is claiming then it is a moment of anxiety why it is being misused in money laundering as well I think most of the transactions must be related to the cross border transfer which can be often done by the Foreigners who are finding any difficulty in sending money. I know the maximum chances are that story will be completely opposite still there are hindered in one-shot probability, that I can be right. If I am right there should be a proper investigation and the government should stand on the solution end for the problem.

[Blitzboy]

Money usage is changing dramatically. Bitcoin, the pioneer of this revolution, has unfortunately attracted innovation and deception. We should all oppose people who misuse Bitcoin's name.

Its not all bad. Consider Bitcoin's creative energy and cooperation. These traits could assist overcome obstacles like Bitcoin ATM issues. In times like these, both optimism and skepticism about regulator overreach are essential.

We should follow the rules even though some envy a decentralized economy. I think we can negotiate a solution that allows Bitcoin ATMs to operate legally, boosting the digital currency's adoption.

[Cookdata]

Anyone who doesn't want to follow the laws to register their crypto ATM shouldn't operate at all. While I am happy that there is a crackdown on these illegal ATMs my concern is that it may be misapplied and affect legitimate businesses who operate crypto ATM that have complied and gone ahead to register them. Do you think this would happen? I know that even if this happens it may not affect bitcoin or its price but then having crypto ATMS goes a long way in contributing to both visibility and how accessible bitcoin is although I know that their absence do not affect bitcoins value. But seeing it around the corner promotes awareness and adoption, and could motivate individuals to engage with it leading to bitcoin's growth and acceptance.
What do you think?

I'm not sure exactly where I read about some vulnerability of Bitcoin ATM and how the owner was still Bitcoin without processing transactions but it was somehow related to Bitcoin ATM theft and when an investigation was carried out, something similar like this happened, and with time, the person that was indulging was caught, and for them to embark in this scrutiny, then there must have been increase in the number of unregistered ATM and perhaps, have genuine security tide up.

I hope you know that Bitcoin ATMs has a fiat option, the ability to convert between Fiat and Bitcoin and there is a limit attached to these machines that ones they are crossed, they are not just regular business machine, they need to be registered formally and recognized to avoid money laundering and other illegal activity, to me it is fine since there is nothing decentralized about it and also nothing to be hidden from the rest of the world with zero privacy, I don't see anything bad in cracking down unregistered machine if the law says so, they should adhere the host community rule.

[Faisal2202]

Hmm, Hate? really I don't think so from any angle it is related to the hate towards the crypto... ahh I would say Bitcoin because there are many things in the crypto market o and my emotions are also = sort of hate well that's another story.

After reading the whole case I think there should be a proper regulation for such operational machinery because if it is what the government is claiming then it is a moment of anxiety why it is being misused in money laundering as well I think most of the transactions must be related to the cross border transfer which can be often done by the Foreigners who are finding any difficulty in sending money. I know the maximum chances are that story will be completely opposite still there are hindered in one-shot probability, that I can be right. If I am right there should be a proper investigation and the government should stand on the solution end for the problem.

I can tell you one thing for sure that, UK hates crypto but it has became its compulsion now to adopt Crypto but of ourse in a controlled way due to the high adoption of it among other continental countries and other rival countries too.

That's why they started to investigate such ATMs, even they had made their regulatory set of rules to which every Defi crypto project must comply with in order to live a happy life.

And i also agree on the point that UK and other countries should crack down against all the illegal usage of money through crypto as this will increase its adoption and promote its usage too.

[Zlantann]

I read this news today and i thought why UK wanted to shut down these atms but I didn't know they were talking about illegal ones. Well, if they are going to shut down illegals ones then i am in favor of the Government. Because this is right thing to do.

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.

These are the people that give bitcoin a bad name.

Give Bitcoin a bad name in what way, if I may ask? Those who are operating the illegal Bitcoin ATM are giving a bad name to their company and not in; in fact,  the entire Tech company, if they are found guilty of any illegal activities, will be remembered for that and their reputation will be ruined, but it won't change anything for Bitcoin.

People that have little or no knowledge about Bitcoin will not understand that these firms are acting on their own. The press will publicize the news to increase the negative sentiment about Bitcoin. FCA used the opportunity to remind UK citizens to stay away from cryptocurrencies. These negative sentiments will not last long because Bitcoin awareness will prove these lies wrong.

[The Cryptovator]

I find it rather astonishing that illegal Bitcoin ATMs are being operated in the UK. It's truly baffling how such operations are even possible, and it raises questions about the initial lack of enforcement. Since Bitcoin to cash transactions directly involve fiat currency, one would expect that obtaining a license or permit from the government would be mandatory. After all, Bitcoin ATM is not a clandestine machine designed for illicit activities. Unfortunately, these actions by a few bad actors are detrimental to the genuine adoption of Bitcoin, which is disheartening.

[Z-tight]

I am still surprised that some firms will install ATMs on the streets of the UK without registration. 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.

This is not true, the U.K. government didn't amend their law, this has always been the law, and that is for crypto businesses in the U.K. to register with the FCA, and from my research no crypto ATM in U.K. is registered with the FCA, that means all of them are illegal. It is surprising that not even one of them is registered, and i don't know why they have failed to register their business when it seems to be popular in the U.K.

no Bitcoin ATMs presently operating in the UK have been registered with the relevant authorities, meaning every Bitcoin ATM in the UK is operating illegally.

[Rikafip]

After all, Bitcoin ATM is not a clandestine machine designed for illicit activities.

Tell that to the FCA. Do you think that its a coincendence that no BATM operator managed to get registered with FCA as of yet?

Unfortunately, these actions by a few bad actors are detrimental to the genuine adoption of Bitcoin, which is disheartening.

To be honest, I think that much bigger problem here is FCA than those BATM operators because they think that the sole purpose of those ATM is to launder the money. With such hostile view at Bitcoin ATMs and crypto in general, no wonder that no operator managed to get licensed by them.

[Ultegra134]

After all, Bitcoin ATM is not a clandestine machine designed for illicit activities.

Tell that to the FCA. Do you think that its a coincendence that no BATM operator managed to get registered with FCA as of yet?

Unfortunately, these actions by a few bad actors are detrimental to the genuine adoption of Bitcoin, which is disheartening.

To be honest, I think that much bigger problem here is FCA than those BATM operators because they think that the sole purpose of those ATM is to launder the money. With such hostile view at Bitcoin ATMs and crypto in general, no wonder that no operator managed to get licensed by them.

Finally, someone mentioned it. I also don't believe that none of these Bitcoin ATM operators managed to legally license them; there's no way in hell that they simply woke up one day and decided to install them in a specific location. The FCA is likely to have declined their registration and resorted to the extreme measure of operating them without a proper license. On the one hand, I understand why governments don't want Bitcoin ATMs because they open a loophole to avoid taxation, but on the other hand, this common misconception that cryptocurrencies are only to be used for money laundering and illegal activities needs to stop.

[royalfestus]

It is truly astonishing to uncover the staggering prevalence of illegal usage, exceeding 76%. It is difficult to fathom that such unlawful activities are being carried out openly. It comes as no surprise that those who have legally acquired ownership and are contending with an illicit user base are the ones reporting and exposing this issue.

[Zlantann]

This is not true, the U.K. government didn't amend their law, this has always been the law, and that is for crypto businesses in the U.K. to register with the FCA, and from my research no crypto ATM in U.K. is registered with the FCA, that means all of them are illegal. It is surprising that not even one of them is registered, and i don't know why they have failed to register their business when it seems to be popular in the U.K.

no Bitcoin ATMs presently operating in the UK have been registered with the relevant authorities, meaning every Bitcoin ATM in the UK is operating illegally.

That's true there was no amendment. But the law that mandates crypto businesses to register with the Financial Service Register (FCA) for anti-money laundering and anti-terrorist financing started in January 2020. Meanwhile, the first Bitcoin ATM was installed in the UK in 2014. Most of these ATMs are legally registered before this law came into existence. I don't think it is right to call these ATMs unregistered meanwhile their blunder is that they have not complied with FCA registration. I am in no way supporting them for not registering with FCA but my point is that the UK government is overhyping the situation on the ground. It is looking as if some criminals installed ATMs to defraud people. I didn't read the process for registration with FCA but I assume that the process will not be an easy one.

[mendace]

I wasn't aware that there were ATMs operating illegally in the UK, so I agree to shut down because Bitcoin doesn't need bad publicity, mass media can do it. I also knew that even here in Italy there were some ATMs that weren't in order but after the introduction of the KYC they fixed it. In any case, I don't really like using ATMs.

[Captain Corporate]

Honestly it does look like a good idea, after all if its illegally operating then its illegal, don't do it. Just because its regarding crypto I am not going to support it, it looks like we are going to end up with a lot of trouble if we end up just chasing bitcoin adoption no matter what. Plus this looks like a shady business overall so I would highly suggest them to be taken down and whoever put it there should be considered criminal as well, they may have stolen god knows how much. All in all, get the proper papers, get the business registered, and then ask or request for putting some up, that way you will both be doing fine and you are not going to end up with any trouble at all while helping bitcoin world.

[The Cryptovator]

After all, Bitcoin ATM is not a clandestine machine designed for illicit activities.

Tell that to the FCA. Do you think that its a coincendence that no BATM operator managed to get registered with FCA as of yet?

Unfortunately, these actions by a few bad actors are detrimental to the genuine adoption of Bitcoin, which is disheartening.

To be honest, I think that much bigger problem here is FCA than those BATM operators because they think that the sole purpose of those ATM is to launder the money. With such hostile view at Bitcoin ATMs and crypto in general, no wonder that no operator managed to get licensed by them.

I find it difficult to comprehend how a BATM (Bitcoin Automated Teller Machine) can be installed without proper authorization from the legal department. Even in a developing country like mine, it would not be feasible to install a BATM without facing legal consequences. It is highly likely that such installations would be promptly noticed and addressed by the authorities. This raises my curiosity about how a financial system can operate without the necessary legal authorizations in place.