UK’s first crypto ATM operator charged amidst nationwide crackdown
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Habibur Rahman, 37, from Langdon Crescent in East Ham, London, has reportedly become the first person in the UK to be charged with operating a crypto ATM without FCA registration. Despite a 2022 ban by the Financial Conduct Authority (FCA), the UK’s financial services regulator, crypto ATMs remained relatively common in the country. Data from Coin ATM Radar shows that in March 2022, there were 81 operational crypto ATMs in the UK, placing it among the top ten globally at the time. While UK police have conducted several crackdowns on crypto ATMs since the ban, this is the first reported instance of a criminal charge resulting from their operation. Authorities executed a search warrant at an electronics shop in Chatham, Kent, where they confiscated several crypto ATMs, including one on public display. UK Authorities charge Rahman for operating an unregistered crypto ATM and laundering funds Kent police accused Rahman of laundering £300,000 in criminal proceeds by converting them into digital assets. Rahman is currently out on bail and has a court appearance scheduled for October 10. Matthew Long, FCA’s Director of Payments and Digital Assets, warned: There are currently no crypto ATMs registered with the FCA—so if you’re using one of these machines, you could be handing your money to criminals. Matthew Long Crypto ATMs continue to be exploited for criminal activity globally. According to research by crypto analyst TRM Labs, the cash-to-crypto industry, primarily operating via crypto ATMs, has processed at least $160 million in illicit volumes since 2019. In Germany, where crypto ATMs are still legal, provided they follow certain regulations, law enforcement recently seized almost Є250,000 (approximately $279,000) in cash and shut down 13 cryptocurrency ATMs for lacking the necessary licenses. The US leads with 82% of crypto ATMs globally While the UK has effectively eradicated the…
Filed under: News - @ August 29, 2024 10:19 pm