Long

Radar

Coin

Habibur Rahman, 37, from Langdon Crescent in East Ham, London, has reportedly become the first person in the UK to be charged with operating a crypto ATM without FCA registration. Despite a 2022 ban by the Financial Conduct Authority (FCA), the UK’s financial services regulator, crypto ATMs remained relatively common in the country.&nbsp; 
Data from <a href="https://coinatmradar.com/countries/" rel="nofollow noopener" target="_blank">Coin ATM Radar</a> shows that in March 2022, there were 81 operational crypto ATMs in the UK, placing it among the top ten globally at the time. 
While UK police have conducted several crackdowns on crypto ATMs since the ban, this is the first reported instance of a criminal charge resulting from their operation. Authorities executed a search warrant at an electronics shop in Chatham, Kent, where they confiscated several crypto ATMs, including one on public display. 
<h3 class="wp-block-heading" id="span-style-font-weight-400-uk-authorities-charge-rahman-for-operating-an-unregistered-crypto-atm-and-laundering-funds-span">UK Authorities charge Rahman for operating an unregistered crypto ATM and laundering funds</h3> 
<a href="https://www.kent.police.uk/news/kent/latest/policing-news/medway-trader-first-in-uk-to-be-charged-with-crypto-atm-offence/" rel="nofollow noopener" target="_blank">Kent police </a>accused Rahman of laundering £300,000 in criminal proceeds by converting them into digital assets. Rahman is currently out on bail and has a court appearance scheduled for October 10. 
Matthew Long, FCA’s Director of Payments and Digital Assets, warned: 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 There are currently no crypto ATMs registered with the FCA—so if you’re using one of these machines, you could be handing your money to criminals. <cite>Matthew Long</cite>
</blockquote> 
Crypto ATMs continue to be exploited for <a href="https://register.fca.org.uk/s/search?predefined=U" rel="nofollow noopener" target="_blank">criminal activity globally</a>. According to research by crypto analyst TRM Labs, the cash-to-crypto industry, primarily operating via crypto ATMs, has processed at least $160 million in illicit volumes since 2019. In Germany, where crypto ATMs are still legal, provided they follow certain regulations, law enforcement recently seized almost Є250,000 (approximately $279,000) in cash and shut down 13 cryptocurrency ATMs for lacking the necessary licenses. 
<h3 class="wp-block-heading" id="span-style-font-weight-400-the-us-leads-with-82-of-crypto-atms-globally-span">The US leads with 82% of crypto ATMs globally</h3> 
While the UK has effectively eradicated the digital asset ATM industry, these machines are becoming increasingly common in other regions. For instance, the US accounts for 82% of the global Bitcoin ATM tally, while Europe accounts for a mere 4%. 
<figure class="wp-block-image aligncenter wp-image-581188 size-full">
 <img loading="lazy" decoding="async" width="922" height="719" class="wp-image-581188" src="https://www.cryptopolitan.com/wp-content/uploads/2024/08/UKs-first-crypto-ATM-operator-charged-amidst-nationwide-crackdown.png" alt="UK’s first crypto ATM operator charged amidst nationwide crackdown" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/08/UKs-first-crypto-ATM-operator-charged-amidst-nationwide-crackdown.png 922w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/UKs-first-crypto-ATM-operator-charged-amidst-nationwide-crackdown-300x234.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/UKs-first-crypto-ATM-operator-charged-amidst-nationwide-crackdown-768x599.png 768w" sizes="(max-width: 922px) 100vw, 922px"> 
 <figcaption class="wp-element-caption">
 Source: Coin ATM Radar
 </figcaption> 
</figure> 
According to TRM Labs, the number of crypto ATMs in Australia has surged by <a href="https://coinatmradar.com/country/13/bitcoin-atm-australia/" rel="nofollow noopener" target="_blank">1700%</a> over the past two years, and New Zealand has seen a rise from zero to 157 kiosks in the last 12 months. 
According to Coin ATM data, there are <a href="https://coinatmradar.com/" rel="nofollow noopener" target="_blank">31,273 </a>crypto ATMs in the U.S. While the United States accounts for the most BTMs globally, its ATM growth streak broke towards the end of May and persisted until July. Recently, US law enforcement agencies have recently shut down numerous Bitcoin ATMs due to issues related to extortion and scams.&nbsp; 
As of May 21, the U.S. market lost 302 Bitcoin ATMs during the month, and by June 1, the total number of BTMs in the US was down to 32,372 from 32,414 on May 1st. 
On July 1st, the tally dropped to 31,955, a decrease of 417 from the previous month, and is currently at 31,273.&nbsp;

UK’s first crypto ATM operator charged amidst nationwide crackdown

Table of Contents

Cryptopolitan_News

Other articles published on Aug 29, 2024

Trader Reinvests $1.34M in $PEPE Tokens, Shows Strong Confidence

‘Bitcoin hasn’t had the widespread adoption we hoped for’ — Nayib Bukele

Beyond the blockchain: Matvii Diadkov’s journey into the heart of Web3 gaming & crypto ads

Bitcoin Strives for $60,000 After Market Drop

Binance Reports BTC and ETH Outflux Worth $3.7B in a Month

Ceffu Wallet Withdraws 1.48 Trillion $PEPE from Binance

Join our free newsletter for daily crypto updates!