The United Kingdom (U.K.) police charged a shop owner to court for operating an unlicensed Bitcoin Automated Teller Machine (ATM). Per reports, the culprit was a thirty-seven-year-old Habibur Rahman. He was apprehended last year, on April 28, after the Kent Police conducted an extensive search in Gadcet shop.
The outcome of Rahman's shop search resulted in the confiscation of several crypto ATMs. In the U.K., the shop owner's case will become the first ever case involving possible conviction over an illegal crypto ATM operation. Hence, it marks a significant landmark for the country in its regulatory compliance battle relating to cryptocurrencies.
U.K. History With Crypto ATMs
Before placing a general ban across the country on crypto ATMs, the payment system was renowned for its reliability by U.K. citizens. However, over the years, it became an avenue for perpetuating financial crimes, particularly money laundering.
Consequently, the United Kingdom Financial Conduct Authority (FCA) banned crypto ATMs in 2022. Since then, the restriction has helped the nation reduce illegal crypto ATM operations. The few people operating via crypto ATMs do so with authorized licenses. Therefore, it underscores the country's concentrated efforts that have yielded positive results.
🚨 BREAKING: 🇬🇧 UK FCA SHUTS DOWN 26 #CRYPTO ATMs 😳
— Keyur Rohit (@CryptoKingKeyur) July 12, 2023
You won't BELIEVE what they found 😱
A thread 🧵 pic.twitter.com/qRISjmDn7R
Rahman to Appear in Court on October 10
Having charged Rahman in court for operating an unlicensed Bitcoin ATM, he was also involved in money laundering via cryptocurrency conversions. According to the police, the culprit laundered £300,000, a $395,000 equivalent. Despite the charges, Rahman is out on bail. However, he must appear in court on October 10, 2024.
While the way events unfold remains fluid, chances are high that Rahman's court appearance will likely end favorably for the suspect. Meanwhile, it will spur others operating via the banned crypto ATMs to cease the illegal transactions or risk court appearances that could result in jail terms for them.
A mobile shop owner has become the first person in the UK to be charged with illegally operating a crypto ATM.
— MrBounceBack.com (@Bounce_BackLoan) August 29, 2024
Habibur Rahman, 37, allegedly laundered £300,000 of criminal cash by converting it into cryptocurrency.
Kent Police searched Rahman's Gadcet shop in Chatham, Kent, on…