All 81 operational Bitcoin cashpoints in the UK must shut down after being declared illegal by the country's financial regulator.
The Financial Conduct Authority has written to the providers with the directive, and raised the prospect of enforcement if it is not obeyed.
Most of Britain's cryptocurrency ATMs are found in convenience shops and supermarkets, and they too have been written to by the FCA.
The machines allow users to to exchange cash for Bitcoin but have scant security checks, especially for smaller amounts, and none of their providers are licensed.
This has led to concerns they could be used for money laundering, prompting the FCA to act.
“We have warned operators of crypto ATMs in the UK to shut their machines down or face enforcement action,” the regulator said.
“Crypto ATMs offering crypto-asset exchange services in the UK must be registered with us and comply with UK money laundering regulations.
“None of the crypto-asset firms registered with us have been approved to offer crypto ATM services, meaning that any of them operating in the UK are doing so illegally and consumers should not be using them.
We regularly warn consumers that crypto-assets are unregulated and high-risk
UK's Financial Conduct Authority
“We are concerned about crypto ATM machines operating in the UK and will therefore be contacting the operators instructing that the machines be shut down or face further action.”
The regulator's stance is consonant with its well established stringent regulatory approach to crypto.
The robustness of its regulation has meant a mere 33 companies are listed on the UK's crypto-asset register, with a further 22 on a time-limited list permitting trading until the end of March.
Th FCA has shut down 110 operators to date, one of which, Gidiplus, failed in an attempt to overturn the ban in court.
“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,” said the FCA.
The National Archives, Abu Dhabi
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
