- Police accuse Rahman of operating the automated tellers without the required registration.
- The lack of clear regulations in the digital asset industry leaves consumers vulnerable.
A man from London is the first in the UK to face charges related to running an unlicensed Bitcoin ATM. After a search of a Chatham electronics store by the Kent Police on April 28, 2023, Habibur Rahman, 37, of Langdon Crescent, East Ham, was taken into custody.
Moreover, the store on the High Street allegedly had several cryptocurrency ATMs. One of which was clearly visible to the public, according to the authorities.
Lack of Proper Registration
Police accused Rahman of operating the automated tellers without the required registration from the regulator. The machines were seized during the inquiry, which was overseen by the Financial Conduct Authority (FCA).
Because it is the first case of its kind to be brought before a court in the United Kingdom, this charge is significant. In addition to running the Bitcoin ATM without the proper paperwork, Rahman is now facing charges of laundering £300,000 in illicit funds by turning them into cryptocurrencies.
He is expected to appear before the Medway Magistrates’ Court on October 10, 2024, to address the allegations. He has been freed on bail. The dangers of unregistered crypto ATMs were highlighted by the financial watchdog. Which has become more involved in overseeing and controlling the crypto industry.
Moreover, Matthew Long, the authority’s Director of Payments and Digital Assets, in a caution to customers. went on to say that the regulator and law enforcement, including the Kent Police, work together all the time to keep customers safe and the financial markets fair.
Furthermore, the lack of clear regulations in the digital asset industry leaves consumers vulnerable to economic damage. Which Long has brought to light as one of the larger hazards of investing in digital assets.
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