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UK Police Charge Shop Owner Over Unregistered Bitcoin ATM #BTCATM
Digital AssetUK Crypto #AssetsAllocation
An extensive crackdown on illicit digital asset businesses has begun with the charging of a man in the UK who ran an unlicensed cryptocurrency ATM.
The UK police charged Habibur Rahman, 37, from East Ham, London, on August 28 with operating unregistered crypto ATMs and laundering thousands of pounds. ,
The landmark event marks the UK’s first prosecution for crypto ATM operations, signaling an important step in the country’s efforts to combat illegal digital asset activities.
UK Man Charged for Running Illegal Crypto ATM
Rahman’s arrest came in 2023, following a police raid on an electronics shop in Chatham, Kent, where multiple crypto ATMs were seized.
#CryptoNewsCommunity
Crypto ATMs, once popular in the UK, have been under scrutiny since the Financial Conduct Authority (FCA) banned them in 2022, warning machine operators to “shut their machines down” or “face enforcement action.”
The outright ban sought to ensure the operators were duly registered with the regulatory agency. Instead, the ban and sustained crackdown have greatly reduced the number of Bitcoin machines in the country.
According to Coin ATM Radar, the UK had 81 operational crypto ATMs as of March 2022.
However, none are currently listed on the platform.
Rahman has been charged with operating an unregistered crypto ATM and laundering £300,000 ($395,000) in criminal proceeds through cryptocurrency conversion.
Authorities suspect this operation is often linked to illegal activities, including money laundering and fraud. Rahman is out on bail and scheduled to appear in court on October 10.
Crackdown on Crypto ATMs #ATM+1.35%
The case against Rahman is part of a larger global effort to regulate and crack down on the illegal use of crypto ATMs.
According to research by crypto analyst TRM Labs, the cash-to-crypto industry, which primarily operates through these machines, has processed at least $160 million in illicit volumes since 2019.
Digital AssetUK Crypto #AssetsAllocation
An extensive crackdown on illicit digital asset businesses has begun with the charging of a man in the UK who ran an unlicensed cryptocurrency ATM.
The UK police charged Habibur Rahman, 37, from East Ham, London, on August 28 with operating unregistered crypto ATMs and laundering thousands of pounds. ,
The landmark event marks the UK’s first prosecution for crypto ATM operations, signaling an important step in the country’s efforts to combat illegal digital asset activities.
UK Man Charged for Running Illegal Crypto ATM
Rahman’s arrest came in 2023, following a police raid on an electronics shop in Chatham, Kent, where multiple crypto ATMs were seized.
#CryptoNewsCommunity
Crypto ATMs, once popular in the UK, have been under scrutiny since the Financial Conduct Authority (FCA) banned them in 2022, warning machine operators to “shut their machines down” or “face enforcement action.”
The outright ban sought to ensure the operators were duly registered with the regulatory agency. Instead, the ban and sustained crackdown have greatly reduced the number of Bitcoin machines in the country.
According to Coin ATM Radar, the UK had 81 operational crypto ATMs as of March 2022.
However, none are currently listed on the platform.
Rahman has been charged with operating an unregistered crypto ATM and laundering £300,000 ($395,000) in criminal proceeds through cryptocurrency conversion.
Authorities suspect this operation is often linked to illegal activities, including money laundering and fraud. Rahman is out on bail and scheduled to appear in court on October 10.
Crackdown on Crypto ATMs #ATM+1.35%
The case against Rahman is part of a larger global effort to regulate and crack down on the illegal use of crypto ATMs.
According to research by crypto analyst TRM Labs, the cash-to-crypto industry, which primarily operates through these machines, has processed at least $160 million in illicit volumes since 2019.
Did you switch your #AssetsAllocation for a more risky #portfolio to start accumulating #cryptos ?
$BTC $ETH$BNB $XRP
$BTC $ETH$BNB $XRP