UK police issued the nation’s first-ever crypto ATM indictment after accusing a person from London of working an unlawful machine and laundering £300,000 ($395,000).
Habibur Rahman was charged on Wednesday over a yr after he was arrested in April 2023.
UK police seized varied crypto ATMs from the 37-year-old who ran a cell phone store in Chatham, Kent. Rahman is accused of laundering the a whole lot of hundreds of kilos by changing it into crypto.
The UK’s Finacial Conduct Authority (FCA) issued a crypto ATM ban in 2022, warning machine holders they should be registered with the FCA. The regulator subsequently launched a crackdown on unregistered crypto ATMs.
By July 2023, Blockworks had reported, utilizing information from CoinATM radar, that there have been fewer than 10 crypto ATMs left within the nation. Now CoinATM Radar estimates that there are not any of the machines within the UK.
Learn extra: FCA too sluggish on crypto enforcement, says UK’s spending watchdog
Certainly, the FCA’s Director of Funds and Digital Property Matthew Lengthy stated, “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 added, “We continue to remind people that crypto remains largely unregulated and high risk; if you buy it, you should be prepared to lose all your money.”
Rahman is on bail and is scheduled to attend Medway Magistrates’ Court docket on October 10.
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