British authorities are going to crack down on bitcoin ATMs

In 2022, the UK’s financial watchdog has written to providers and operators of bitcoin (BTC) ATMs telling them to shut down or be penalized. These machines allow users to deposit money which is then exchanged for bitcoin or other crypto and sent to their wallet.

Meanwhile, the UK Financial Conduct Authority (FCA) maintains its earlier announcement that all crypto ATMs operating in the country are doing so illegally. Any company offering crypto-related services in the UK must be registered with the FCA for anti-money laundering and terrorism financing compliance purposes. None of the crypto asset companies are approved to offer crypto ATM services, meaning all ATMs are operating illegally.

Bitcoin ATMs in Leeds

The financial watchdog is working with West Yorkshire Police to crack down on bitcoin ATM operators in the northern English city of Leeds. The West Yorkshire Police cyber team says it has identified “several live crypto ATMs” without saying how many or where they were.

Detective Sergeant Lindsey Brants of West Yorkshire Police said:

“Warning letters were issued requesting operators to stop using the machines and that any breach of regulations would lead to an investigation under money laundering regulations.”

Data from Coin ATM Radar shows a total of 28 bitcoin ATMs installed across the UK. This puts it at 25e place in terms of countries with the most bitcoin ATMs. The United States is logically in first place with a total of 33,763 different locations. Number two and three are occupied by Canada and Spain with 2,651 and 272 different machines respectively.

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Bankruptcy huge Bitcoin ATMs specialist

Recently you could read in the Bitcoin news that Coin Cloud, a company that installed more than 4,000 bitcoin ATMs in Brazil and the United States, had filed for bankruptcy. In total, the Las Vegas-based company has between $100 and $500 million in debt. On the other hand, it has about 50 to 100 million dollars in assets, but also 10,000 creditors.

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