London Man Denies Running Illegal Cryptocurrency ATMs

A London resident has denied costs of working an unlawful cryptocurrency ATM enterprise and laundering legal proceeds. The person is accused of changing £300,000 into digital foreign money with out permission from the Monetary Conduct Authority (FCA). The regulator emphasised that there are not any authorized crypto ATMs within the nation.

London man denies working unlawful cryptocurrency ATMs

Habibur Rahman, a resident of East Ham, London, has denied costs of working an unlicensed cryptocurrency ATM enterprise and laundering legal proceeds by way of cryptocurrency transactions. The 37-year-old appeared at Medway Magistrates’ Courtroom and pleaded not responsible to operating the unlawful machines with out authorization from the Monetary Conduct Authority (FCA).

Rahman is accused of changing £300,000 of unlawful money into cryptocurrency between April 1 and June 16, 2022. The allegations surfaced after Kent cops carried out a search of a Chatham retailer on April 28, 2023, seizing a number of cryptocurrency ATMs. together with one on show to the general public.

This case has now been transferred to Maidstone Crown Courtroom, the place the subsequent listening to is scheduled for November 7. Police allege that Rahman’s involvement in cryptocurrency buying and selling not solely violated monetary rules but in addition concerned cash laundering. Rahman was granted bail after his court docket look, and additional developments can be awaited within the coming weeks.

Final month, the FCA secured its first conviction for crimes associated to the operation of crypto ATMs. Olumide Osunkoya pleaded responsible to illegally working a cryptocurrency ATM community in Britain. The FCA famous that there are not any authorized crypto ATMs within the nation.