Cryptocurrency ATMs may or may not illegal in the UK?

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A resident of London has pleaded not guilty to charges of running an illegal cryptocurrency ATM business and laundering money.

Habibur Rahman is accused of converting £300,000 into digital currencies without the necessary authorization from the Financial Conduct Authority.

Legal charges against Rahman, because of the ATMs

Habibur Rahman appeared in Medway Magistrates’ Court to contest the charges.

He is accused of illegally operating cryptocurrency ATMs and laundering criminal proceeds through these transactions.

The allegations arose after Kent Police conducted a search at a shop in Chatham on April 28, 2023, where they seized several cryptocurrency ATMs, including one that was publicly displayed.

Illegal crypto operations?

The case has been moved to Maidstone Crown Court, with the next hearing set for November 7.

Police claim that Rahman’s activities not only broke financial regulations but also involved money laundering. Following his court appearance, Rahman was granted bail as the legal proceedings continue.

This case raising concerns about unregulated cryptocurrency activities in the UK.

The FCA secured its first conviction related to illegal crypto ATMs when Olumide Osunkoya admitted to operating a network without proper registration.

His case involved £2.6 million in transactions and marked a huge step in regulating the crypto industry.

Business-friendly crypto hub?

Now participants in the crypto industry speculate that if Rahman is found guilty, it could lead to stricter enforcement of regulations surrounding cryptocurrency-related operations in the UK.

The outcome may also encourage other law enforcement agencies to take similar actions against illegal crypto activities.

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