First UK Trader Faces Charges for Illegal Cryptocurrency ATM Operation

Illegal Cryptocurrency ATM Operation

A trader from East Ham, London, Habibur Rahman, has pleaded not guilty to operating an illegal cryptocurrency ATM business. This follows an incident where he was allegedly ordered to cease operations.

On April 28, 2023, Kent Police conducted a search at a shop in Chatham, resulting in the seizure of several crypto ATMs, including one that was publicly displayed. Mr. Rahman, aged 37, is believed to be the first individual in the UK charged with this offense.

Additionally, he is accused of laundering £300,000 of criminal cash by converting it into cryptocurrency.

At his appearance in Medway Magistrates' Court, Rahman pleaded not guilty to both running an unregulated cryptocurrency ATM and illegally converting cash to cryptocurrency between April 1 and June 16, 2022. He has been granted bail, and the case will proceed to Maidstone Crown Court for a hearing set for November 7.

Crypto ATMs allow users to buy and sell cryptocurrencies, like Bitcoin or Ethereum, in exchange for cash, but they are deemed illegal without proper registration from the Financial Conduct Authority (FCA).