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The recent arrest and charging of Habibur Rahman, 37, from East Ham, London, with operating unregistered crypto ATMs and laundering thousands of pounds by the UK police marks a significant milestone in the country's fight against illegal digital asset activities.
Rahman's arrest took place in 2023 following a police raid on an electronics shop in Chatham, Kent, where multiple crypto ATMs were confiscated. The UK's first prosecution for crypto ATM operations highlights the authorities' commitment to combating illegal activities in the digital asset space.
crypto ATMs, once popular in the UK, have faced increased scrutiny since the Financial Conduct Authority (FCA) banned them in 2022. The ban mandated machine operators to either shut down their machines or face enforcement action to ensure compliance with regulatory standards.
The ban also led to a substantial reduction in the number of bitcoin machines in the country. coin ATM Radar data indicates that as of March 2022, the UK had 81 operational crypto ATMs, although none are currently listed on the platform.
Rahman has been charged with running an unregistered crypto ATM and laundering £300,000 ($395,000) in criminal proceeds through cryptocurrency conversion. Authorities suspect that illegal activities such as money laundering and fraud are often associated with such operations.
The case against Rahman is part of a broader global initiative to regulate and crackdown on the illicit use of crypto ATMs. Research by TRM Labs revealed that the cash-to-crypto industry, mainly operating through these machines, has processed at least $160 million in illicit volumes since 2019.
While the UK has effectively dismantled its crypto ATM industry, countries like Australia have experienced a surge in their numbers, with a 1,700% increase in machines over the past two years. In contrast, Germany has taken proactive steps, confiscating 13 crypto ATMs and €250,000 in a targeted operation against illegal cryptocurrency activities.
FCA's Director of Payments and Digital Assets, Matthew Long, highlighted the risks associated with using unregistered crypto ATMs, emphasizing that users could unknowingly facilitate criminal activities by utilizing these machines.
As Rahman's court date on October 10 approaches, the outcome of this case is likely to serve as a warning to other individuals operating unregistered crypto ATMs in the UK, signaling a firm stance against illegal digital asset operations.