CryptoMediaClub
Sunday, July 27, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Bitcoin

The Decline of Crypto ATMs in the UK: A Setback for London’s Crypto Hub Aspirations

13.07.2023
A A
0
130
VIEWS
ShareShare

Since the British regulator initiated a crackdown on crypto ATMs in March 2022, the number of Bitcoin ATMs in the UK has drastically dwindled. In fact, according to Coin ATM Radar data, there are currently only ten crypto ATMs available in the entire country, all concentrated in England, with none in Scotland, Wales, or Northern Ireland.

The decline in crypto ATMs is primarily due to compliance issues with existing regulations, particularly anti-money laundering requirements that mandate Know Your Customer (KYC) procedures. Previously, there were 80 crypto ATMs in the UK, meaning that over 88% of these machines have been shut down in just over a year. The Financial Conduct Authority (FCA) had warned operators to cease operations or face enforcement action.

The FCA has been actively involved in the closure of these ATMs, conducting 34 inspections, resulting in the closure of 26 ATMs. In one instance, a user in Sheffield paid £1,000 to a machine that failed to provide any cryptocurrency in return. The inspections took place in 2023, and it is possible that more inspections will follow.

Coin ATM Radar relies on voluntary data provided by ATM operators, so it is theoretically possible that some operators have removed their information without necessarily shutting down the machines. However, according to Steve Smart, the FCA’s joint executive director of enforcement and markets supervision, the remaining active crypto ATMs in the UK are operating illegally, posing a risk to users who may unwittingly hand over their money to criminals.

The FCA has demanded the shutdown of all crypto ATMs in Britain by October, including the ten that are still operational. Additionally, out of the 34 inspections conducted in 2023, 18 occurred in the past two months, indicating that further closures may be imminent. Consequently, the future of crypto ATMs in the UK appears uncertain, and it is possible that they may disappear entirely.

Currently, there are around 40 crypto companies in the UK authorized to offer ATM services, but none of them have authorization to provide crypto ATM services. While the situation could change if the UK enacts new specific cryptocurrency laws, this remains a more theoretical than realistic scenario at present. These developments are in contrast to the ambitions of Prime Minister Rishi Sunak, who aims to position London as a global crypto hub.

In comparison to other European countries, the UK’s crypto ATM market is significantly smaller. Switzerland, for example, boasts 146 crypto ATMs with a population eight times smaller than that of the UK. London, in particular, lags behind cities like Lugano, which has 18 crypto ATMs despite its much smaller population. France has 16 crypto ATMs, while Spain leads with 285. Poland stands out with 256 active installations, indicating that the UK is currently not a prominent crypto hub.

It should be noted that the figures presented are not comprehensive but are based on declarations made to Coin ATM Radar. With many countries vying to become thriving crypto hubs, such as El Salvador and Dubai, the UK’s approach seems to be primarily theoretical, as the country appears to be moving in the opposite direction in practical terms.

The post The Decline of Crypto ATMs in the UK: A Setback for London’s Crypto Hub Aspirations appeared first on BitcoinWorld.

Share10Tweet6ShareSharePin2

Related Posts

Coinbase’s Astounding $100 Billion Milestone Amidst Bitcoin’s Record Surge
Bitcoin

Coinbase’s Astounding $100 Billion Milestone Amidst Bitcoin’s Record Surge

15.07.2025
0

BitcoinWorldCoinbase’s Astounding $100 Billion Milestone Amidst Bitcoin’s Record Surge The cryptocurrency world is buzzing with excitement, and for good reason!...

Read moreDetails
Bitcoin’s Unseen Ascent: Why Market Euphoria Is Still Ahead, According to Alphractal CEO

Bitcoin’s Unseen Ascent: Why Market Euphoria Is Still Ahead, According to Alphractal CEO

14.07.2025
Bitcoin Holdings Soar: The Blockchain Group’s Momentous Digital Asset Accumulation

Bitcoin Holdings Soar: The Blockchain Group’s Momentous Digital Asset Accumulation

14.07.2025
Bitcoin’s Astonishing Anomaly: Why Public Search Interest Remains Low Despite Record Highs

Bitcoin’s Astonishing Anomaly: Why Public Search Interest Remains Low Despite Record Highs

14.07.2025
Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

08.07.2025
Load More
Next Post
Mike Novogratz Predicts Significant Bitcoin Price Surge by Year End

Mike Novogratz Predicts Significant Bitcoin Price Surge by Year End

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

First Tokenized Money Market Fund Launched on XRP Ledger

First Tokenized Money Market Fund Launched on XRP Ledger

8 months ago
Elon Musk Registers AI-driven Startup Rivaling OpenAI Dubbed ‘X.AI Corp’

Elon Musk Registers AI-driven Startup Rivaling OpenAI Dubbed ‘X.AI Corp’

2 years ago
Multichain (MULTI) Takes the Lead with Impressive Trading Price Surge

Multichain (MULTI) Takes the Lead with Impressive Trading Price Surge

2 years ago
Bank for International Settlements Releases Executive Summary of Global Stablecoin Recommendations

Bank for International Settlements Releases Executive Summary of Global Stablecoin Recommendations

1 year ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Ripple CTO Admits He Faked Ozzy Osbourne Fan Q&A: “I Cheated”

Ethereum Price Prediction: Is the $3,500 Threshold ETH’s Launchpad for a New Rally?

Weekly Crypto Regulation News Roundup: GENIUS Act Hits Big Tech, SEC Reverses on ETF

XRP Price Prediction: Double Top Pattern Flashes Red – Is the XRP Bull Run Already Over? 

Bitwise CIO Declares “Four-Year Crypto Cycle Is Dead”—Is a Steady, Record-Breaking Boom Next?

Crypto Price Prediction Today 25 July – XRP, Pepe, Shiba Inu

Trending

Solana Price Prediction: Key Technical Formation Signals Major Upside Potential for SOL
All news

Solana Price Prediction: Key Technical Formation Signals Major Upside Potential for SOL

26.07.2025
0

Solana is gaining massive traction as Bitcoin dominance decreases and altcoin season accelerates, with SOL currently testing...

Dragonfly Capital Faces Potential Charges Over Tornado Cash Ties, Vows to Fight Back

Dragonfly Capital Faces Potential Charges Over Tornado Cash Ties, Vows to Fight Back

26.07.2025
Bitcoin Price Prediction: 67% of BTC Still in Individual Hands – What Does This Say About Price Potential?

Bitcoin Price Prediction: 67% of BTC Still in Individual Hands – What Does This Say About Price Potential?

26.07.2025
Ripple CTO Admits He Faked Ozzy Osbourne Fan Q&A: “I Cheated”

Ripple CTO Admits He Faked Ozzy Osbourne Fan Q&A: “I Cheated”

26.07.2025
Ethereum Price Prediction: Is the $3,500 Threshold ETH’s Launchpad for a New Rally?

Ethereum Price Prediction: Is the $3,500 Threshold ETH’s Launchpad for a New Rally?

26.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz