UK cryptocurrency cash machines (ATMs) shut down to avoid enforcement action.
On Friday, the British Financial Conduct Authority (FCA) ordered all operators of cryptocurrency ATMs in the country to immediately shut down their machines or face enforcement action.
This means all Bitcoin (BTC) and other cryptocurrency cashpoints in Britain that allow users to deposit cash in exchange for the required cryptocurrency must shut down or face legal action as indicated on its website.
According to fca.org.uk, regular warnings are issued to consumers concerning crypto assets that are unregulated and therefore people stand a high risk of losing when the unfortunate incident happens. So people should expect no protection if they choose to invest in them.
The FCA had taken several actions to caution consumers by previously publishing a list of unregistered crypto firms.