The post London Man Becomes the First in UK to Face Charges for Operating Unregistered Bitcoin ATM appeared on BitcoinEthereumNews.com.

A London resident has become the first person in the UK to be charged with operating a Bitcoin ATM without proper registration. Habibur Rahman, 37, of Langdon Crescent, East Ham, was arrested on April 28, 2023, following a raid by Kent Police at a gadget shop in Chatham. Medway Trader Faces Charges for Laundering £300,000 According to the law enforcement agency, the outlet Gadcet, located on the High Street, was found to have several crypto ATMs, including one prominently displayed for public use. The investigation, which was carried out under the supervision of the Financial Conduct Authority (FCA), led to the seizure of these machines, with police suspecting Rahman of running the automated tellers without the necessary registration from the regulator. This charge is important as it marks the first instance of such an offense being brought before the UK courts. In addition to the unregistered operation of the Bitcoin ATM, Rahman is also accused of laundering £300,000 in criminal proceeds by converting the money into cryptocurrency. He has been released on bail and is scheduled to appear before Medway Magistrates’ Court on October 10, 2024, to answer the charges. FCA Issues Warning The financial watchdog, which has been increasingly active in monitoring and regulating the cryptocurrency sector, emphasized the risks associated with unregistered crypto ATMs. Matthew Long, the Director of Payments and Digital Assets for the authority, issued a warning to consumers: “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.” He also noted the regulator’s ongoing collaboration with law enforcement agencies, such as Kent Police, to protect consumers and ensure the integrity of financial markets. Long also highlighted the broader risks associated with digital asset investments, noting that the sector remains…

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Filed under: News - @ September 2, 2024 4:17 am