- Charges over illegal crypto ATM operation
- International efforts against crypto ATMs
- Global crypto ATM statistics
London resident Habibur Rahman has reportedly become the first person in the UK to be charged with operating a crypto ATM without FCA registration.
Charges over illegal crypto ATM operation
In March 2022, there were 81 operational crypto ATMs in the UK despite the FCA’s 2022 ban. Police conducted several raids, seizing ATMs including one in an electronics shop in Chatham, Kent. Rahman is accused of laundering £300,000 in criminal proceeds by converting them into digital assets. He is on bail and is scheduled to appear in court on October 10.
International efforts against crypto ATMs
According to TRM Labs, the cash-to-crypto industry has processed at least $160 million in illicit volumes since 2019 via crypto ATMs. In Germany, where crypto ATMs are allowed provided certain regulations are followed, law enforcement recently seized nearly €250,000 and shut down 13 crypto ATMs due to lack of necessary licenses.
Global crypto ATM statistics
While the UK has effectively eradicated the crypto ATM industry, these machines are becoming more common in other regions. The US accounts for 82% of the global tally of Bitcoin ATMs, while Europe accounts for only 4%. In Australia, the number of crypto ATMs has surged by 1700% over the past two years, and New Zealand has witnessed an increase from zero to 157 in the past year. As of May 2021, the number of crypto ATMs in the US stood at 31,273, despite periodic declines due to extortion and scams.
Habibur Rahman's case highlights the ongoing crackdown on illegal crypto ATMs in the UK and the global efforts to tighten control and regulation in this sector.
