London Man Denies Involvement in Illegal Cryptocurrency ATM Operations

A
London
resident
has
rejected
accusations
of
running
an
illegal
cryptocurrency
ATM
business
and
engaging
in
money
laundering
activities.
Habibur
Rahman,
a
37-year-old
from
East
Ham,
London,
is
being
charged
with
converting
£300,000
of
unlawful
funds
into
digital
currencies
without
obtaining
the
necessary
authorization
from
the

Financial
Conduct
Authority
(FCA).
During
a
court
appearance
at
Medway
Magistrates’
Court,
Rahman
pleaded
not
guilty
to
these
allegations.

London
Resident
Accused
of
Operating
Unlicensed
Crypto
ATMs
and
Money
Laundering

The
charges
relate
to
a
period
between
April
1
and
June
16,
2022,
when
Rahman
is
suspected
of
operating
unregistered
cryptocurrency
machines
to
facilitate
the
exchange
of
illicit

cash
into
cryptocurrencies.
The
accusations
came
to
light
after
a
police
operation
on
April
28,
2023,
in
Chatham,
Kent.
During
the
search,
Kent
Police
officers
reportedly
seized
multiple
cryptocurrency
ATMs,
one
of
which
was
prominently
displayed
to
the
public.

Following
his
court
appearance,
Rahman
was
released
on
bail.
The
case
has
now
been
moved
to
Maidstone
Crown
Court,
where
a
follow-up
hearing
is
set
for
November
7.
Authorities
allege
that
Rahman’s
activities
not
only
breached
financial
regulations
but
were
also
connected
to
laundering
proceeds
from
criminal
activities.

Court
Proceedings
and
Future
Developments
in
the
Case

This
case
has
drawn
attention
to
the
broader
issue
of

illegal
crypto
ATMs
operating
in
the
UK.
Last
month,
the
FCA
secured
its
first
conviction
related
to
the
unlicensed
operation
of
crypto
ATMs.
In
a
separate
case,
Olumide
Osunkoya
pleaded
guilty
to
running
a
network
of
unauthorized
cryptocurrency
machines
throughout
the
UK.
The
FCA
has
reiterated
that
currently,
no
legal
operators
of
crypto
ATMs
exist
in
the
country,
and
any
machine
facilitating
such
transactions
without
regulatory
approval
is
considered
illegal.

The
latest
charges
against
Rahman
underscore
the
ongoing
efforts
by
UK
authorities
to
curb
illegal
activities
associated
with
cryptocurrency
and
ensure
compliance
with
financial
laws.
The
FCA,
which
oversees
financial
conduct
in
the
country,
has
been
actively
working
to
shut
down
unregulated

crypto
businesses
and
protect
the
financial
system
from
misuse.

????
Habibur
Rahman
of
Langdon
Crescent
in
East
Ham,
was
charged
with
running
a
crypto
ATM
at
his
shop
without
the

@TheFCA
registration.#FCA

#CryptoATM

#BitcoinATMhttps://t.co/wv3ZPUOmZF

—
Cryptonews.com
(@cryptonews)

October
11,
2024

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