London man denies charges of operating illegal cryptocurrency ATMs and laundering £300,000, as FCA continues crackdown on unlicensed operators.
A London resident has denied allegations of running an illegal cryptocurrency ATM business and laundering criminal proceeds. Habibur Rahman, aged 37, from East Ham, London, appeared at Medway Magistrates’ Court to face charges related to operating unlicensed crypto ATMs. Rahman pleaded not guilty to the charges, claiming he was not authorized by the Financial Conduct Authority (FCA) to run the machines.
The case has now been moved to the Maidstone Crown Court. This will be up for hearing again on 7th November. Rahman is charged with severe allegations. The police accused him of not only engaging in an assault on financial rules but also money laundering. More events are expected in the following weeks, but Rahman was released on bail after his court trial.
London Man Denies Laundering £300,000 via Illegal Crypto ATMs
The charges relate to Rahman’s alleged role in laundering £300,000 of criminal money by converting it into virtual currency. The transactions have occurred between April 1 and June 16, 2022. The authorities came to know about Rahman’s activity when a search operation was conducted at a shop in Chatham Kent on April 28. In the course of the operation, officers seized several cryptocurrency ATMs.
This is because last year the Financial Conduct Authority (FCA) stated that there is no legal cryptocurrency ATM operator in the United Kingdom. The regulator has been actively closing down and arresting operators of unregistered crypto firms. In this regard, Rahman’s arrest is fitting in this line of action that seeks to combat the illicit use of cryptocurrencies.
This case comes after the FCA’s recent win of its first conviction in crimes associated with cryptocurrency ATMs. Last month, Olumide Osunkoya was convicted of running a fraudulent crypto ATM network throughout Great Britain. Therefore, it brings out the fact that there is growing concern in the United Kingdom in regard to cryptocurrency operations.
While the legal battle goes on, the crypto community and financial authorities keep a close eye on Rahman’s case. This development is a key point in the constant process of the UK to regulate all cryptocurrency-related activities.
