The Londoner denies involvement in illegal operations at cryptocurrency ATMs

On By Yukito

A London resident has rejected accusations of running an illegal cryptocurrency ATM business and engaging in money laundering. Habibur Rahman, 37, from East Ham, London, is accused of converting £300,000 of illicit funds into digital currencies without obtaining the necessary authorization from the Financial Conduct Authority (FCA). During a hearing at Medway Magistrates’ Court, Rahman pleaded not guilty to these charges.

A London resident accused of operating unlicensed cryptocurrency ATMs and money laundering

The charges relate to the period from April 1 to June 16, 2022, when Rahman is suspected of operating unregistered cryptocurrency machines to facilitate the exchange of illicit cash for cryptocurrencies. The allegations came to light following a police operation carried out on April 28, 2023 in Chatham, Kent. During the search, Kent Police officers seized a number of cryptocurrency ATMs, one of which was on public display.

After the hearing, Rahman was released on bail. The case has now been transferred to Maidstone Crown Court, where the next hearing is scheduled for November 7. Authorities say Rahman’s activities not only violated financial regulations but were also linked to the laundering of criminal proceeds.

Legal proceedings and future developments of the case

The case drew attention to the wider issue of illegal cryptocurrency ATMs operating in the UK. Last month, the FCA obtained its first conviction related to the unlicensed operation of cryptocurrency ATMs. In a separate case, Olumide Ounkoya pleaded guilty to running a network of unauthorized cryptocurrency machines across the UK. The FCA reiterated that there are currently no legal crypto ATM operators in the country and any machines facilitating such transactions without regulatory approval are considered illegal.

The latest charges against Rahman highlight ongoing efforts by UK authorities to curb illegal cryptocurrency activity and ensure compliance with financial regulations. The FCA, which oversees financial conduct in the country, is actively working to shut down unregulated cryptocurrency firms and protect the financial system from abuse.

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