Security

UK mobile phone shop charged with operating illegal crypto ATM

Photo: Adobe Stock

September 3, 2024

Habibur Rahman, 37 has been charged by Kent Police of operating an illegal cryptocurrency ATM in London at the Gadcet mobile phone shop. He was charged with failing to register the machine with the Financial Conduct Authority, according to a report by BBC.

Authorities also allege that Rahman laundered $394,950 of cash from criminal activities with the ATM. Currently no cryptocurrency ATMs are registered with the FCA.

The FCA began a crackdown on unregistered bitcoin ATMs in 2023, seizing several during raids.