Government regulators are concerned about money laundering using crypto ATMs.
that may have been continuing to conduct business, a recent assessment found that 110 are no longer operational,” the FCA continued.
What’s driving this latest crackdown on bitcoin in the UK? It seems to be driven by a concern over money laundering, and the fact that crypto ATMs don’t always have ways of positively identifying who’s using them.
Olumide Osunkoya, Gidiplus’s owner, said his machines were no longer operational. He said he had sold them to a buyer in eastern Europe, where checks are less strict, and that other operators in the UK are doing the same.We regularly warn consumers that cryptoassets 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 said.
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