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Authorities in the United Kingdom have charged an electronics shop owner for running an illegal crypto ATM in Chatham, Kent. According to reports, the police executed a search warrant at an electronics store, where several cryptocurrency ATMs were seized, including one prominently displayed for public use.
Rahman’s Court Date is Fast Approaching
The suspect, Habibur Rahman, a 37-year-old resident of Langdon Crescent in East Ham, London, was arrested following the raid. Rahman now faces charges related to operating a cryptocurrency ATM without the necessary registration from the Financial Conduct Authority (FCA).
Likewise, Rahman is accused of converting £300,000 of criminal money into digital assets. Although he is on bail, his court date is October 10, 2024.
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The FCA has strict guidelines governing cryptocurrency-related services operations in the UK, particularly those involving exchanges or ATMs. Any business providing crypto-related services must be registered with the FCA and comply with anti-money laundering (AML) regulations. Failure to do so is considered a serious offense, as unregistered operations pose a risk of facilitating illegal activities such as money laundering and fraud.
Crypto ATM Misuse Leads to Its Global Slowdown
Introducing Crypto ATM aims to offer users a convenient way to access digital assets. Due to its effectiveness in serving this purpose, it is gaining popularity worldwide. There are 387,000 ATMs in 69 countries, including Canada, Australia, El Salvador, and Spain. Recently, CoinATM Radar reported that the United States houses the majority of Crypto ATMs, totaling over 32,000.
However, lately, the overall number of crypto ATMs has remained stagnant. The adoption of the machine significantly dropped in 2023 before experiencing recovery this year. Despite their relevance to society, crypto ATMs’ convenience makes them susceptible to misuse. Global authorities are now more vigilant about these risks and are implementing measures to ensure the lawful operation of these machines.
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US Regulators Remain Vigilant on Crypto ATMs
Notably, the United States regulatory authorities have started taking action against digital asset ATMs operating in the country. US regulators stressed that operators must comply with certain regulations to prevent bad actors from using unregulated ATMs for money laundering and illicit financing.
In 2022, the Federal Trade Commission (FTC) raised awareness about a new method of crypto scams, including Crypto ATMs. this was after the Federal Bureau of Investigations (FBI) issued the same warnings to investors in 2021.
