A London resident has denied charges of operating an illegal cryptocurrency ATM business and laundering criminal proceeds. The individual is accused of converting £300,000 into digital currencies without Financial Conduct Authority (FCA) authorization. The regulator stressed that there are no legal crypto ATM operators in the country.
London Man Denies Running Illegal Cryptocurrency ATMs
Habibur Rahman, a resident of East Ham, London, has denied charges of operating an unlicensed cryptocurrency ATM business and laundering criminal proceeds through cryptocurrency transactions. The 37-year-old appeared at Medway Magistrates’ Court, pleading not guilty to running the illegal machines without authorization from the Financial Conduct Authority (FCA).
Rahman is accused of converting £300,000 of illicit cash into cryptocurrency between April 1 and June 16, 2022. The allegations surfaced after Kent Police officers conducted a search at a shop in Chatham on April 28, 2023, during which they confiscated several cryptocurrency ATMs, including one on public display.
This case has now been transferred to Maidstone Crown Court, where the next hearing is scheduled for Nov. 7. Police claim Rahman’s involvement in the cryptocurrency trade not only violated financial regulations but also involved laundering money. Rahman was granted bail following his court appearance, and further developments will be awaited in the coming weeks.
Last month, the FCA secured its first conviction for crimes related to operating crypto ATMs. Olumide Osunkoya pleaded guilty to illegally running a crypto ATM network across the UK. The FCA noted there are no legal crypto ATM operators in the country.
Source: Bitcoin
