Cryptocurrency is all rage in both the government and average consumer sectors. The decentralized nature of the crypto market takes all the power away from the powers that be that once controlled all forms of currency. For that very reason people like Joe Biden and other government officials are stepping into try and gain some control over the blockchain. Some Western countries are already taking some bold steps in the war on crypto.
Are Crypto ATMs Illegal? Details on Why the UK is Banning Bitcoin Crypto ATMs
A crypto ATM allows people to purchase cryptocurrency using cash, basically in the same way normal ATMs are used. You put in cash and get back the same amount in the form of digital currency of your choice. Some of the most well known bitcoin ATMs are made by Chainbytes.
In the United Kingdom you can find more than 75 of Crypto ATM machines in various places, but in the near future it could illegal to use any of them.
At the moment most people use Crypto ATMs in the UK without a second thought, because they are very convenient. However, according to the UK’s Financial Conduct Authority many are illegal, because they are not registered with regulators, which technically means they don’t abide by UK’s money laundering laws.
According to their statement most Crypto ATMs in the United Kingdom are owned by a firms who have not been approved by law to operate them. As such they have begun the process of notifying operators to shut down their Crypto ATMs or face legal consequences.
As more and more crypto currency services get sacked by government authorities their message seems to remain the same. Most times they allege their crackdown on the crypto market is to protect the consumer. However, many people believe it is all a facade they are using to attempt gaining control in a sector where they currently have little control. Remember consumers created the crypto market, so the government wouldn’t be involved in their transactions.