Cryptocurrency

Crown

Bitcoin

April

<p style="font-weight: 400;">In another episode of crypto crime and law,&nbsp;<a href="https://news.bitcoin.com/london-man-denies-running-illegal-cryptocurrency-atms/" target="_blank" rel="noopener nofollow">crypto sources</a> reveal that a London man denies charges of operating unlawful cryptocurrency ATMs and money laundering of £300,000 in crime proceeds.&nbsp;Habibur Rahman, 37, from East Ham, was charged with running an unlicensed cryptocurrency business in contravention of UK financial regulations. When produced in the Medway Magistrates’ Court, Rahman entered no plea to the charges preferred against him.</p> 
<p style="font-weight: 400;">In the UK currently, there is no cryptocurrency ATMs that has received authorization from the FCA. Rahman is now answering to the charges preferred against him and awaits a trial at the Maidstone Crown Court.</p> 
<h2 style="font-weight: 400;" id="strong-police-clamping-down-on-cryptocurrency-atms-strong"><strong>Police Clamping Down on Cryptocurrency ATMs</strong></h2> 
<p style="font-weight: 400;">Rahman’s case came to the limelight in April 2023 when Kent police stormed a shop in Chatham. Police operatives arrested several Bitcoin ATMs, one of which was stationed in the public domain. The police’s investigations found that Rahman was operating without a license and, established between April and June 2022, remunerated £300,000 in question and digital currencies, which is a crime.</p> 
<p style="font-weight: 400;">Kent Police Cyber Crime Unit conducts the investigation as a part of the extensive campaign against unlawful use of cryptocurrencies in Great Britain. A police representative stated that its work aims at dismantling electronic currency transactions, especially through Bitcoin ATMs since it is feasible to conduct money laundering through such facilities.</p> 
<figure id="attachment_22779" aria-describedby="caption-attachment-22779" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-22779" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/311ED46B-BB24-43E8-ABC3-F2682AE97D9B.webp" alt="Cryptocurrency ATMs" width="1792" height="1024" title="London Man Denies Running Illegal Cryptocurrency ATMs in £300,000 Case 23" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/10/311ED46B-BB24-43E8-ABC3-F2682AE97D9B.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/311ED46B-BB24-43E8-ABC3-F2682AE97D9B-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/311ED46B-BB24-43E8-ABC3-F2682AE97D9B-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px">
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  Cryptocurrency ATMs
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<p style="font-weight: 400;">FCA has been concerned with the threats that originate from unregulated Bitcoin exchanges pointing that cryptocurrency services are prone to be utilized for abusing money laundering and other unlawful practices. However, in this case, Rahman is right on the dot of these wrong doings being accused of being personally involved in these illegitimate functions. Nonetheless, Rahman refuted all these allegations and was released based on bond before waiting for his next trial on November 7, 2024.</p> 
<h2 style="font-weight: 400;" id="strong-fca-s-first-conviction-in-cryptocurrency-atm-case-strong"><strong>FCA’s First Conviction in Cryptocurrency ATM Case</strong></h2> 
<p style="font-weight: 400;">This case arrived soon after the FCA obtained the first conviction involving illicit crypto-ATMs. In September 2024, Olumide Osunkoya was convicted on charges related to his illegitimate cryptocurrency network of ATMs in Great Britain, a first in this sphere. The conviction of Osunkoya was a clear signal to those who were running other similar unlicensed business outfits.</p> 
<p style="font-weight: 400;">What has been evident from FCA is that all the cryptocurrency ATMs operating in the country are operating illegally. One FCA officer was keen to point out: “At present, no firm has our authorisation to provide cryptocurrency ATMs, meaning anyone operating or using such machines is in breach of the law.”</p> 
<figure id="attachment_22781" aria-describedby="caption-attachment-22781" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-22781 size-full" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/AE39DA9E-6CEF-4C2F-9B2B-5AB70BB6A66A.webp" alt="Cryptocurrency ATMs" width="1792" height="1024" title="London Man Denies Running Illegal Cryptocurrency ATMs in £300,000 Case 24" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/10/AE39DA9E-6CEF-4C2F-9B2B-5AB70BB6A66A.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/AE39DA9E-6CEF-4C2F-9B2B-5AB70BB6A66A-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/AE39DA9E-6CEF-4C2F-9B2B-5AB70BB6A66A-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px">
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  Cryptocurrency ATMs
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<p style="font-weight: 400;">The FCA is still in partnership with the police force to monitor the illicit cryptocurrency ATMs and close them down. The regulator has raised an issue with the fact that these machines allow criminals to easily launder the money using cryptocurrencies that are more challenging to detect and seize.</p> 
<h2 style="font-weight: 400;" id="strong-next-steps-for-rahman-s-trial-strong"><strong>Next Steps for Rahman’s Trial</strong></h2> 
<p style="font-weight: 400;">Just as Rahman is expecting his case to be transferred to Maidstone Crown Court in November, legal practitioners are waiting to see what will happen in the trial. If found guilty, Rahman is likely to receive severe legal consequences as the authorities sought to enhance the measures against cryptocurrency operations in the United Kingdom.</p> 
<p style="font-weight: 400;">Rahman has, however, not disclosed much about the defence he intends to present before the court. However, the insiders of the case have reported that his legal advisors are planning to contest the material produced by the police and the FCA. The next hearing will probably provide more details of Rahman’s engagement and whether he will be charged for the supposed £300,000 cryptocurrency laundering.</p> 
<p style="font-weight: 400;">And as the trial progresses, the community can’t seem to agree if street-level crypto C-Notes are legal or not. While some believe them to be state of the art equipment for virtual transfer of cash some people view these machines as entry points to the commission of crimes. This case can determine how the cryptocurrency ATMs are perceived and controlled in the United Kingdom in future.</p> 
<p style="font-weight: 400;">Rahman’s legal council has endorsed the notion that they would demonstrate the accused’s innocence but the issue remains open until the hearing is complete. He is scheduled to appear in court again on 7th November, in which case it will be revealed whether there is any truth or he will be set free.</p> 
<h2 style="font-weight: 400;" id="strong-conclusion-strong"><strong>Conclusion</strong></h2> 
<p style="font-weight: 400;">The case of Rahman shows how the financial regulators in the UK are still up in arms to adapt to the use of cryptocurrency. While Rahman goes on to refute the allegations of running quick ‘cryptocurrency ATMs,’ and money laundering £300,000 at that, the law will take its course. On the other hand, the FCA continues to police the British markets in a bid to eliminate unregulated cryptocurrencies; the result of this case may well be crucial in setting the legal structure for cryptocurrencies in the United Kingdom. Keep following <a href="http://turkishnyradio.com">Turkishnyradio</a> for latest crypto updates.</p>

London Man Denies Running Illegal Cryptocurrency ATMs in £300,000 Case

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