The UK's Financial Conduct Authority (FCA) has just announced it has ordered the closure of cryptocurrency ATMs operating in the country because they are unlicensed.
According to the announcement published by the regulator on its website, none of the crypto ATM operators in the UK are registered to operate in the country, which means they are operating illegally and could face penalties.
According to data provided by CoinATMRadar, there are currently 81 cryptocurrency ATMs in the UK.
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The move comes following a court ruling against Gidiplus, a cryptocurrency ATM operator in the UK that has previously filed an appeal to the Upper Tribunal challenging the FCA's decision to reject its application for a license under the Money Laundering Regulations (MLR) regime.
According to the regulator, the company is unable to obtain the license due to insufficient verification of the identity of customers conducting small transactions.