Crypto ATMs are not allowed to operate in the U.K., Britain’s financial regulator said Friday.
None of the companies registered with the Financial Conduct Authority have been approved to offer ATM services, the agency said.
Crypto ATMs “operating in the U.K. are doing so illegally and consumers should not be using them,” the FCA said. Crypto ATMs must be registered to make sure they comply with the U.K.’s anti-money laundering regulations, the agency said.
"We regularly warn consumers that crypto assets are unregulated and high-risk which means people are very unlikely to have any protection if things go wrong, so people should be prepared to lose all their money if they choose to invest in them," the FCA also said.
The order didn't prohibit companies that pursued the proper registrations from offering crypto ATMs, leaving a path for the machines to return. But the agency warned that crypto assets were unregulated and that "people should be prepared to lose all their money if they choose to invest in them."
Climate TRACE's data show emissions at the facility-level.Image: Climate TRACE