Summary:
- UK shop owner charged with operating an illegal cryptocurrency ATM.
- Habibur Rahman, 37, allegedly ran the machine without FCA registration.
- Rahman is also accused of laundering £300,000 in criminal proceeds.
- The case marks the first of its kind in the UK.
- Rahman is scheduled to appear at Medway Magistrates’ Court on October 10.
In a significant legal development, the owner of a mobile phone shop on a UK high street has been charged with operating an illegal cryptocurrency ATM, marking the first case of its kind in the country.
On April 28, 2023, Kent Police carried out a search warrant at the Gadcet shop on Chatham’s High Street. During the operation, officers seized several cryptocurrency ATMs, including one that was openly displayed to the public.
Habibur Rahman, a 37-year-old from Langdon Crescent in East Ham, London, was arrested on the day of the raid. He has now been charged with operating the ATM without the necessary registration from the Financial Conduct Authority (FCA), a requirement for such financial devices in the UK.
In addition to the illegal operation of the ATM, Rahman is also facing allegations of laundering £300,000 in criminal funds by converting them into cryptocurrency. The case underscores the growing attention and regulatory scrutiny on cryptocurrency operations in the UK.
Rahman has been granted bail and is expected to appear at Medway Magistrates’ Court on October 10, where he will face the charges. This case could set a precedent for how similar offenses are prosecuted in the future, highlighting the need for compliance in the rapidly evolving digital currency landscape.
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