Crackdown on Crypto ATMs Sets UK Apart

The UK’s Financial Conduct Authority (FCA) has conducted raids in three cities as part of its crackdown on crypto ATMs, which it links to organised crime and money laundering. The UK prohibits the use of the machines without formal FCA approval, and last March warned businesses that unregistered usage would result in penalties. The FCA has published a list of financial firms, including those that operate crypto ATMs, that are suspected of operating illegally without authorisation. The UK currently has only 16 ATMs following several crackdowns this year. In contrast, other countries are taking a different approach. Crypto ATMs are increasingly common in the US and Australia and the US is home to the overwhelming majority of machines, with 31,670, representing 93.2% of the total. In January 2020, the number of Bitcoin ATMs was 4,212 in the US, representing growth of 652% in just over three years. The US has strict rules for ATM vendors, with a daily maximum withdrawal limit of $3,000.