Financial Conduct Authority (FCA), United Kingdom’s central financial regulator, has issued a 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 lack of regulatory structure, the high-risk potential of fluctuating assets and the importance of upholding the principles established within the Money Laundering Regulations (MLR) as the primary reasons for the enforcement.
