Regular customers who go out to buy crypto at Devon Pub must refuse to comply with the new rules of the regulatory agencies.
Disappointed Bitcoin fans used to use state-of-the-art Bitcoin ATMs at the Old World Bishop Lacey Inn.
However, after the government cracked down on crypto ATMs, the pub made people have access to the machine for 15 months. Meanwhile, the owner of the company that installed the car in Devon was looking for a license.
ATMs are still working in pubs, but electricity will be cut until the Financial Conduct Authority (FCA) gives official approval.
Meanwhile, the owner of Bishop Lacy, the world’s oldest building with a Bitcoin ATM, noticed avoiding customers and picking up the phone when everything was on hold.
A spokesperson for the bar said: The machine is still active, but not available.
“I made a lot of money every month to invest in this device with Bitcoin. It’s amazing how many people bought it, even in a small town like Chadli.
“People who want to get in the car always call me. It is a pity that the FCA has not given permission yet because it is a good time to buy.
What is Bitcoin ATM?
Unlike ordinary ATMs, where you can withdraw money from your bank account, Bitcoin ATMs allow you to buy and exchange cryptocurrencies with real money. These machines perform blockchain-based transactions that send cryptocurrencies to the user’s digital wallet via a QR code.
Cryptocurrency ATMs typically use internet-based cryptocurrency portals to handle transactions. For Bitcoin ATMs, the user deposits cash and the machine converts the cash into crypto and sends the funds to the Bitcoin wallet.
Users can also invest in multiple cryptocurrencies, and unlike traditional banks, where customers require separate cards and accounts for each company, all funds are stored in the same wallet.
“FCA is very diligent,” said Steve Underwood, one of the three directors of Satoshi UK, one of the directors of the three companies that installed ATMs in Bishop Lace.
“It is a great shame because everything was down and giving service to the people.
“In a small town like Chudori, we did well. People came from all over the world.
“Our main clients were women over 55 years old. Pinton called me recently and said that people always call me when I have to come use the car. I did.
Under the FCA, crypto ATMs providing cryptocurrency exchange services in the UK must be registered with us and comply with the UK Money Laundering Regulations (MLR).
“None of our cryptocurrency companies are licensed to offer cryptocurrency ATM services, which means that companies doing business in the UK are doing so illegally and are being used by consumers. It shouldn’t be.
According to recent statistics, around 80 Bitcoin ATMs are in operation in the UK, but none of them are approved to provide crypto ATM services.
“We regularly warn consumers that crypto assets are unregulated and risky. That is, if something goes wrong, people are less likely to be protected, so invest. If you choose to do that, people should be prepared to lose everything.” your money,” the FCA said in a statement.
Bitcoin ATM was introduced in 2014, when there were only 301 such machines in the world.
Bitcoin ATMs are especially attractive to cryptocurrency investors because they can avoid the tedious material knowledge (KYC) steps that are common in cryptocurrency trading platforms.
Currently, up to 34,000 cryptocurrency ATMs are available worldwide, allowing users to purchase cryptocurrency and exchange it for fiat currency (real money).
These ATMs are available worldwide, 90% of which operate in the United States, with Canada coming in second with just over 2,200 machines.
Source: Metro
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