London, Saturday, September 07, 2024 –Habibur Rahman, 37, from East Ham, is set to appear before Medway Magistrates’ Court on October 10, 2024, as the first person in the UK charged with operating an unregistered Bitcoin ATM.
Rahman, who was arrested on April 28, 2023, following a police raid at Gadcet, a gadget shop in Chatham, has been released on bail.
The arrest came after an investigation by Kent Police and the Financial Conduct Authority (FCA), which revealed several crypto ATMs at the shop, including one prominently displayed for public use. Rahman faces charges for operating these machines without the necessary FCA registration.
In addition to the unregistered ATM charge, Rahman is also accused of laundering £300,000 by converting the funds into cryptocurrency. This case highlights the FCA’s intensified efforts to regulate the cryptocurrency sector and address financial crimes associated with unregistered digital asset operations.
The FCA has issued a warning to consumers about the risks of using unregistered crypto ATMs, noting that no machines are currently registered with the FCA.
The crackdown on illegal crypto ATMs is part of a broader initiative to safeguard financial markets and protect consumers from unregulated investments.
