London trader denies operating illegal crypto ATMs
Date: 2024-10-11 Author: Gabriel Deangelo Categories: IN WORLD
According to police, Habibur Rahman, of Langdon Crescent, East Ham, was charged with operating a crypto ATM at his shop without registering with the Financial Conduct Authority (FCA). Several illegal machines were seized during a raid on his shop in Chatham, Kent, in April 2023, including one that was put on display.
A Kent Police spokesman said Rahman was the first person in the UK to be charged with such an offence. He also laundered £300,000 ($391,551) in cryptocurrency, according to the BBC.
Habibur Rahman, 37, appeared at Medway Magistrates’ Court and pleaded not guilty. The case was referred to Maidstone Crown Court and the next hearing is scheduled for November 7.
Kent Police said Rahman’s actions not only breached financial regulations, but were also linked to money laundering.
The FCA last month convicted London resident Olumide Osunkoya of operating a network of unregistered crypto ATMs and falsifying documents. Osunkoya pleaded guilty to operating a network of at least 11 illegal crypto ATMs that processed more than £2.6 million ($3.4 million) in transactions between December 2021 and September 2023.
“These charges represent the FCA’s first prosecution of unregistered crypto-asset activity under anti-money laundering and counter-terrorist financing laws,” the regulator said.
