U.K. watchdog, the Financial Conduct Authority , has told firms running crypto ATMs in the country that they are operating illegally and must therefore shut down their machines. Operators that fail to heed the warning will face enforcement action, the FCA said.The U.K. financial sector watchdog, the Financial Conduct Authority , has said it asked cryptoasset service providers that operate crypto ATMs to “shut their machines down or face enforcement action.
According to the statement, Gidiplus wanted the country’s Upper Tribunal to allow it to continue trading while it waits for the determination of its appeal — an appeal against the FCA’s decision to refuse its application for registration under the Money Laundering Regulations . However, the judge hearing the case reportedly determined that there was “a lack of evidence as to how Gidiplus would undertake its business in a broadly compliant fashion.
The FCA, in the meantime, said it had found that some 110 crypto firms that were on its list of unregistered crypto firms are now no longer operational. The watchdog concludes its statement by warning consumers about the risks of trading cryptocurrencies. The statement says: 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 clarified that the country’s financial sanctions regulations “do not differentiate between cryptoassets and other forms of assets.
The FCA’s warning comes as concerns are voiced that sanctioned Russian entities will attempt to use cryptoassets to evade sanctions. Nevertheless, the watchdog said in the statement that it “has already written to all registered cryptoasset firms and those holding temporary registration status to highlight the application of sanctions on various entities and individuals.”
That is not a big deal. It's even more comfortable to use exchanges like Bitfinex anyway!
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That's not a big problem. It's more comfortable to use exchanges like Bitfinex anyway.
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It doesn't matter anyways those ATM were taking too much fees it was wild, I rather send money on chains like hedera where an eco-friendly and safe economy is being adopted. No doubt the HBAR_foundation will help accelerate this adoption.
The situation is problematic. And again, we return to the issue of sanctions against Russia.
It may be good that regulation has arrived in crypto business. Only onest and decent crypto projects like LEO will prosper. I believe this NFT.
Quite a problematic situation. And again, we returned to the issue of sanctions against Russia.
I don't think it's a big problem. People still can use exchanges like Bitfinex, Kraken and etc. And they don't even need to leave the house to do so.
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