Shuting down all bitcoin ATMs illegally operating in Uk

Faisal2202

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Quote from: Zlantann on July 12, 2023, 02:50:05 PM

I am still surprised that some firms will install ATMs on the streets of the UK without registration. These operators would have been arrested immediately after it was installed. I am assuming that the government is not telling the truth. It is also possible that the government amended the law thereby making these ATMs illegal. Maybe the Financial Services and Markets Act 2023, is behind the clampdown.

That's what i find shocking because UK is a country where each firm and installation of new projects needs to go through strict surveillance and they have to comply with all the rules. But still how could these 32 ATMs find a way to be implemented under their nose.

As i said before, UK authorities does not hate crypto and these BTC ATMs that much. But over the past year. The most ATMS that have been shut downed are by this same Country (UK). So, i didn't find it that much shocking.

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Quote from: The Cryptovator on July 12, 2023, 04:23:45 PM

Even in a developing country like mine, it would not be feasible to install a BATM without facing legal consequences.

Who says that operators of those BATM won't have to face legal consequences?

Quote from: panganib999 on July 12, 2023, 05:15:31 PM

And this negligence to follow the basic rules in operating is what pushes me to side the government this time, much as I hate to admit it. The least you could do is to follow legislations and get a license to actually operate within legal grounds to not only be on the good side of the law, but to also as much as possible give your users the peace of mind they deserve.

Food for thought: how come no BATM operator in UK managed to get approved by FCA as of yet, while operators in other countries have no issues whatsoever? Are UK operators completely incompetent, or FCA regulation is made on purpose so strict so no one can meet their demands? In FCA eyes, Bitcoin is mainly used by criminals so no wonder that they made it as hard as possible to operate ATM.

And no, I don't think that this gives Bitcoin a bad name, but instead makes UK look very crypto unfriendly.

Quote from: Kakmakr on July 13, 2023, 12:21:00 AM

This is not a crackdown on ALL ATMs..... it is a crackdown on illegal (SCAM) operators that are not operating under the rule of the law

Since no operater is registered with FCA, it's essentially crackdown on all BATM in UK.

Its interesting to see that CoinATM Radar lists 10 BATM available in UK at the moment. Maybe FCA is using that website to track them.

Kakmakr

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Well, it is not possible for them to apply this in the wrong way.... if the authorities rock up at your establishment and you have the correct documents, then your ATM will stay.

This is not a crackdown on ALL ATMs..... it is a crackdown on illegal (SCAM) operators that are not operating under the rule of the law. Now, even if this is a good thing, people should consider why some operators decided not to operate ATMs that are not legit. (Process for legalization might be too complex or the requirements are too strict....etc)

FinneysTrueVision

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There is no evidence in this article that these Bitcoin ATM's were doing anything nefarious. If these ATMs had been operating legally for many years then this might just be a case of government overreaching and businesses not wanting to comply with burdensome regulation that is being imposed on them in order to maintain ordinary law abiding people inside a heavily surveilled financial system. Unfortunately, governments don't believe citizens are entitled to financial privacy that is why they try and regulate these services away or force them to obey draconian rules.

panganib999

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The law is harsh, but it is the law.

These bitcoin ATMs knew what they were getting into. No way do they think that the government will let things slide without at least asking them to license themselves to operate. And this negligence to follow the basic rules in operating is what pushes me to side the government this time, much as I hate to admit it. The least you could do is to follow legislations and get a license to actually operate within legal grounds to not only be on the good side of the law, but to also as much as possible give your users the peace of mind they deserve.

Seems like nowadays people are just in this industry for profits, which is not entirely wrong, but if you're jeopardizing its integrity for a quick buck, then we're going to have a little problem about that.

Hypnosis00

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I'm in favor of what they are doing, that is the thing they are supposed to do because the moment that they just tolerate installing BATM, they are also letting these owners to helping illegal transactions. What they looked at is the welfare of everyone, well, some people would say it was unfair but that is the law, those businesses that have not permits are illegal and should be stopped. Because I don't that the UK is against crypto but only these owners are lazy enough to comply with their requirements in order to become legally operated.

The Cryptovator

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Quote from: Rikafip on July 12, 2023, 03:21:29 PM

Quote from: The Cryptovator on July 12, 2023, 03:01:34 PM

After all, Bitcoin ATM is not a clandestine machine designed for illicit activities.

Tell that to the FCA. Do you think that its a coincendence that no BATM operator managed to get registered with FCA as of yet?

Quote from: The Cryptovator on July 12, 2023, 03:01:34 PM

Unfortunately, these actions by a few bad actors are detrimental to the genuine adoption of Bitcoin, which is disheartening.

To be honest, I think that much bigger problem here is FCA than those BATM operators because they think that the sole purpose of those ATM is to launder the money. With such hostile view at Bitcoin ATMs and crypto in general, no wonder that no operator managed to get licensed by them.

I find it difficult to comprehend how a BATM (Bitcoin Automated Teller Machine) can be installed without proper authorization from the legal department. Even in a developing country like mine, it would not be feasible to install a BATM without facing legal consequences. It is highly likely that such installations would be promptly noticed and addressed by the authorities. This raises my curiosity about how a financial system can operate without the necessary legal authorizations in place.

Captain Corporate

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Honestly it does look like a good idea, after all if its illegally operating then its illegal, don't do it. Just because its regarding crypto I am not going to support it, it looks like we are going to end up with a lot of trouble if we end up just chasing bitcoin adoption no matter what. Plus this looks like a shady business overall so I would highly suggest them to be taken down and whoever put it there should be considered criminal as well, they may have stolen god knows how much. All in all, get the proper papers, get the business registered, and then ask or request for putting some up, that way you will both be doing fine and you are not going to end up with any trouble at all while helping bitcoin world.

mendace

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I wasn't aware that there were ATMs operating illegally in the UK, so I agree to shut down because Bitcoin doesn't need bad publicity, mass media can do it. I also knew that even here in Italy there were some ATMs that weren't in order but after the introduction of the KYC they fixed it. In any case, I don't really like using ATMs.

Zlantann

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Quote from: Z-tight on July 12, 2023, 03:06:53 PM

This is not true, the U.K. government didn't amend their law, this has always been the law, and that is for crypto businesses in the U.K. to register with the FCA, and from my research no crypto ATM in U.K. is registered with the FCA, that means all of them are illegal. It is surprising that not even one of them is registered, and i don't know why they have failed to register their business when it seems to be popular in the U.K.

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no Bitcoin ATMs presently operating in the UK have been registered with the relevant authorities, meaning every Bitcoin ATM in the UK is operating illegally.

That's true there was no amendment. But the law that mandates crypto businesses to register with the Financial Service Register (FCA) for anti-money laundering and anti-terrorist financing started in January 2020. Meanwhile, the first Bitcoin ATM was installed in the UK in 2014. Most of these ATMs are legally registered before this law came into existence. I don't think it is right to call these ATMs unregistered meanwhile their blunder is that they have not complied with FCA registration. I am in no way supporting them for not registering with FCA but my point is that the UK government is overhyping the situation on the ground. It is looking as if some criminals installed ATMs to defraud people. I didn't read the process for registration with FCA but I assume that the process will not be an easy one.

royalfestus

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It is truly astonishing to uncover the staggering prevalence of illegal usage, exceeding 76%. It is difficult to fathom that such unlawful activities are being carried out openly. It comes as no surprise that those who have legally acquired ownership and are contending with an illicit user base are the ones reporting and exposing this issue.

Ultegra134

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Quote from: Rikafip on July 12, 2023, 03:21:29 PM

Quote from: The Cryptovator on July 12, 2023, 03:01:34 PM

After all, Bitcoin ATM is not a clandestine machine designed for illicit activities.

Tell that to the FCA. Do you think that its a coincendence that no BATM operator managed to get registered with FCA as of yet?

Quote from: The Cryptovator on July 12, 2023, 03:01:34 PM

Unfortunately, these actions by a few bad actors are detrimental to the genuine adoption of Bitcoin, which is disheartening.

To be honest, I think that much bigger problem here is FCA than those BATM operators because they think that the sole purpose of those ATM is to launder the money. With such hostile view at Bitcoin ATMs and crypto in general, no wonder that no operator managed to get licensed by them.

Finally, someone mentioned it. I also don't believe that none of these Bitcoin ATM operators managed to legally license them; there's no way in hell that they simply woke up one day and decided to install them in a specific location. The FCA is likely to have declined their registration and resorted to the extreme measure of operating them without a proper license. On the one hand, I understand why governments don't want Bitcoin ATMs because they open a loophole to avoid taxation, but on the other hand, this common misconception that cryptocurrencies are only to be used for money laundering and illegal activities needs to stop.

Rikafip

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Quote from: The Cryptovator on July 12, 2023, 03:01:34 PM

After all, Bitcoin ATM is not a clandestine machine designed for illicit activities.

Tell that to the FCA. Do you think that its a coincendence that no BATM operator managed to get registered with FCA as of yet?

Quote from: The Cryptovator on July 12, 2023, 03:01:34 PM

Unfortunately, these actions by a few bad actors are detrimental to the genuine adoption of Bitcoin, which is disheartening.

To be honest, I think that much bigger problem here is FCA than those BATM operators because they think that the sole purpose of those ATM is to launder the money. With such hostile view at Bitcoin ATMs and crypto in general, no wonder that no operator managed to get licensed by them.

Z-tight

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Quote from: Zlantann on July 12, 2023, 02:50:05 PM

I am still surprised that some firms will install ATMs on the streets of the UK without registration. I am assuming that the government is not telling the truth. It is also possible that the government amended the law thereby making these ATMs illegal. Maybe the Financial Services and Markets Act 2023, is behind the clampdown.

This is not true, the U.K. government didn't amend their law, this has always been the law, and that is for crypto businesses in the U.K. to register with the FCA, and from my research no crypto ATM in U.K. is registered with the FCA, that means all of them are illegal. It is surprising that not even one of them is registered, and i don't know why they have failed to register their business when it seems to be popular in the U.K.

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no Bitcoin ATMs presently operating in the UK have been registered with the relevant authorities, meaning every Bitcoin ATM in the UK is operating illegally.

The Cryptovator

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I find it rather astonishing that illegal Bitcoin ATMs are being operated in the UK. It's truly baffling how such operations are even possible, and it raises questions about the initial lack of enforcement. Since Bitcoin to cash transactions directly involve fiat currency, one would expect that obtaining a license or permit from the government would be mandatory. After all, Bitcoin ATM is not a clandestine machine designed for illicit activities. Unfortunately, these actions by a few bad actors are detrimental to the genuine adoption of Bitcoin, which is disheartening.

Zlantann

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Quote from: Faisal2202 on July 12, 2023, 12:45:04 PM

I read this news today and i thought why UK wanted to shut down these atms but I didn't know they were talking about illegal ones. Well, if they are going to shut down illegals ones then i am in favor of the Government. Because this is right thing to do.

I am still surprised that some firms will install ATMs on the streets of the UK without registration. These operators would have been arrested immediately after it was installed. I am assuming that the government is not telling the truth. It is also possible that the government amended the law thereby making these ATMs illegal. Maybe the Financial Services and Markets Act 2023, is behind the clampdown.

Quote from: Nwada001 on July 12, 2023, 01:06:17 PM

Quote from: alastantiger on July 12, 2023, 12:26:41 PM

These are the people that give bitcoin a bad name.

Give Bitcoin a bad name in what way, if I may ask? Those who are operating the illegal Bitcoin ATM are giving a bad name to their company and not in; in fact, the entire Tech company, if they are found guilty of any illegal activities, will be remembered for that and their reputation will be ruined, but it won't change anything for Bitcoin.

People that have little or no knowledge about Bitcoin will not understand that these firms are acting on their own. The press will publicize the news to increase the negative sentiment about Bitcoin. FCA used the opportunity to remind UK citizens to stay away from cryptocurrencies. These negative sentiments will not last long because Bitcoin awareness will prove these lies wrong.

Faisal2202

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Quote from: Hamza2424 on July 12, 2023, 01:52:18 PM

Hmm, Hate? really I don't think so from any angle it is related to the hate towards the crypto... ahh I would say Bitcoin because there are many things in the crypto market o and my emotions are also = sort of hate well that's another story.

After reading the whole case I think there should be a proper regulation for such operational machinery because if it is what the government is claiming then it is a moment of anxiety why it is being misused in money laundering as well I think most of the transactions must be related to the cross border transfer which can be often done by the Foreigners who are finding any difficulty in sending money. I know the maximum chances are that story will be completely opposite still there are hindered in one-shot probability, that I can be right. If I am right there should be a proper investigation and the government should stand on the solution end for the problem.

I can tell you one thing for sure that, UK hates crypto but it has became its compulsion now to adopt Crypto but of ourse in a controlled way due to the high adoption of it among other continental countries and other rival countries too.

That's why they started to investigate such ATMs, even they had made their regulatory set of rules to which every Defi crypto project must comply with in order to live a happy life.

And i also agree on the point that UK and other countries should crack down against all the illegal usage of money through crypto as this will increase its adoption and promote its usage too.

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Quote from: alastantiger on July 12, 2023, 12:26:41 PM

Anyone who doesn't want to follow the laws to register their crypto ATM shouldn't operate at all. While I am happy that there is a crackdown on these illegal ATMs my concern is that it may be misapplied and affect legitimate businesses who operate crypto ATM that have complied and gone ahead to register them. Do you think this would happen? I know that even if this happens it may not affect bitcoin or its price but then having crypto ATMS goes a long way in contributing to both visibility and how accessible bitcoin is although I know that their absence do not affect bitcoins value. But seeing it around the corner promotes awareness and adoption, and could motivate individuals to engage with it leading to bitcoin's growth and acceptance.
What do you think?

I'm not sure exactly where I read about some vulnerability of Bitcoin ATM and how the owner was still Bitcoin without processing transactions but it was somehow related to Bitcoin ATM theft and when an investigation was carried out, something similar like this happened, and with time, the person that was indulging was caught, and for them to embark in this scrutiny, then there must have been increase in the number of unregistered ATM and perhaps, have genuine security tide up.

I hope you know that Bitcoin ATMs has a fiat option, the ability to convert between Fiat and Bitcoin and there is a limit attached to these machines that ones they are crossed, they are not just regular business machine, they need to be registered formally and recognized to avoid money laundering and other illegal activity, to me it is fine since there is nothing decentralized about it and also nothing to be hidden from the rest of the world with zero privacy, I don't see anything bad in cracking down unregistered machine if the law says so, they should adhere the host community rule.

Blitzboy

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Money usage is changing dramatically. Bitcoin, the pioneer of this revolution, has unfortunately attracted innovation and deception. We should all oppose people who misuse Bitcoin's name.

Its not all bad. Consider Bitcoin's creative energy and cooperation. These traits could assist overcome obstacles like Bitcoin ATM issues. In times like these, both optimism and skepticism about regulator overreach are essential.

We should follow the rules even though some envy a decentralized economy. I think we can negotiate a solution that allows Bitcoin ATMs to operate legally, boosting the digital currency's adoption.

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Quote from: Faisal2202 on July 12, 2023, 12:45:04 PM

AFAIK the number of ATMs are around 26. Well according to news 6 ATMs are still under investigation as they started investigation on 32 ATMs from the start of 2023 and till now they are able to investigate only 26. Well, i think they do not hate crypto that much.

Hmm, Hate? really I don't think so from any angle it is related to the hate towards the crypto... ahh I would say Bitcoin because there are many things in the crypto market o and my emotions are also = sort of hate well that's another story.

After reading the whole case I think there should be a proper regulation for such operational machinery because if it is what the government is claiming then it is a moment of anxiety why it is being misused in money laundering as well I think most of the transactions must be related to the cross border transfer which can be often done by the Foreigners who are finding any difficulty in sending money. I know the maximum chances are that story will be completely opposite still there are hindered in one-shot probability, that I can be right. If I am right there should be a proper investigation and the government should stand on the solution end for the problem.

Topic: Shuting down all bitcoin ATMs illegally operating in Uk (Read 230 times)