UK regulators are cracking down on cryptocurrency ATMs across the country, in a bid to prevent fraud and protect consumers. ATMs allow users to buy and sell digital currencies for cash.
However, the Financial Conduct Authority (FCA) expressed concern about the misuse of these ATMs by criminals to launder money and carry out illegal activities.
The FCA ordered the companies that operate these ATMs to comply with anti-money laundering regulations and to take steps to prevent fraud.
In addition, the agency required the companies that operate these ATMs to carry out identity verifications for customers, in order to prevent money laundering and other illegal activities. Companies will also be required to keep records of transactions and submit regular reports to the FCA.
Cryptocurrency experts welcomed the FCA’s moves, as they believe proper regulation is essential to protect consumers and ensure the legitimacy of the digital asset market. However, some critics argued that these measures are excessive and could discourage cryptocurrency adoption in the UK.
K. Tovar
Source: iProUP
(Reference image source: Eduardo Soares, Unsplash)
Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram
