Discover hunting for crypto ATMs. Can we say that regulators are innovative because they are trying to find a legal framework to apply to the sector of cryptocurrencies ? The question deserves to be asked, given the activities recently carried out by Financial Conduct Authority (FCA) British. Indeed, from this financial policeman fell “the first accusation of its kind.” Questionable? THE vending machines – known by the general term ATM – in their “illegal” versions applied to cryptocurrencies.
UK launches crackdown on illegal crypto ATMs
The development of the sector cryptocurrencies is known for its ability to exist outside the imposed stages by legal authorities. Some see it too simply as a basic criminal vocation. While freedom is truly at stake faced with a desire to control and monitoring without limit.
Systematic misunderstanding in the origin of a an almost impossible regulatory equation. Since this equates to importing a Bitcoin in the monitoring machinery applied so far for voluntary funding fragmented, opaque and centralized.
Whatever happens, the financial police continue their offensive. As in the recent case of the case of crypto vending machines (ATMs) illegal immigrants settled on British soil. And by “illegal” we must understand: ” no registration required. »
How these Illegal ATMs have they been identified? It must have been pretty simple. Indeed, as I recall Financial Conduct Authority (FCA) British in his communique officially, “none legitimate crypto ATM operators in the United Kingdom. » End of investigation…
First accusation of this kind
The information just dropped in the form of a press release from FCA. This regarding “the first charges brought against a person charged with driving UK crypto ATM network. » With an approximate total of 2.6 million dollars of crypto transactions processed between December 29, 2021 and September 8, 2023.
the problem? These a new kind of distributors fall within the framework – as practical as it is comprehensive – of “ unregistered activity related to crypto-assets. » An offense under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs).
“Our message today is clear. If you operate a crypto ATM illegally, we will arrest you. And if you use one, you’re handing your money directly to the criminals because (they can) use it to launder money all over the world. »
FCA
With this new affair, Great Britain confirms his desire for intransigence towards the sector of cryptocurrencies. Because at the same time, a recent study shows that 87% of requests for crypto projects are rejected by local regulators. Far is the time of European Crypto Hub welcome outside MiCA regulatory zone…