U.K. Police Charges Shop Owner Over Illegal Crypto ATMs

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.  

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.

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.

Subscribe to our Newsletter

Join our community and stay up-to-date with the latest news, updates, and exclusive offers by subscribing to our newsletter. Enter your email address below to receive our monthly newsletter directly to your inbox.

pop up image

Experience the Best of Online Payment with Crypto

UPay offers mainstream-friendly access to crypto. Easily buy, swap, make payouts, and manage funds using our crypto card. No cross-border fees.