During the week ..I saw an article that says the UK regulators ordered unlicensed Crypto ATMs to shutdown. See this article here :
https://www.engadget.com/uk-orders-bitcoin-atm-shutdown-125830919.htmlDo you think that Crypto currencies in general are in for a fight in the UK and what contingency plans do you have, if that happens? Will people's Crypto be safe to withdraw... if the regulators clamp down on Crypto?
I see you are licensed in Isle of Man .... so that is why I ask.
Hey there,
Yeah, we saw that! We actually aren't concerned about this for a couple reasons:
1) The ATMs that are being shut down are being targeted because they're not complying with current regulation that impacts them. We don't have that issue -- we're fully regulated and have a great relationship with the government here.
2) As you mentioned, we're licensed in the Isle of Man, which sometimes has different domestic law than in the rest of the UK. (If anyone wants to nerd out with me about how the Isle of Man is a crown dependency, we can def have that conversation, haha!)
3) We've worked really hard to develop great relationships with the regulators here. We really commend the Isle of Man government for working collaboratively with crypto businesses. We know of several who are licensed by different divisions of the IOM government -- the regulators are very open to learning and working with us on how to move forward with the best interests of the community in mind.
The absolute highest priority for the Isle of Man gaming regulator is ensuring that players are safe and will be paid out. If there was a scenario where crypto businesses had to close (which again, is not at all likely), the government here would require us to pay out all of our players before closing. I'm not sure people understand how important that requirement is as part of our license. We actually have to report monthly that the value of our player protection funds exceeds the value that our players could withdraw.
The government here on the island is very interested in learning more about crypto -- they're not shutting it down! Hope this helps!
^Anna