- Rahman's Court Date is Fast Approaching
- Crypto ATM Misuse Leads to Its Global Slowdown
- US Regulators Remain Vigilant on Crypto ATMs
Authorities in the United Kingdom have charged an electronics shop owner for running an illegal crypto ATM in Chatham, Kent. Several cryptocurrency ATMs were seized by the police, including one prominently displayed for public use.
Rahman's Court Date is Fast Approaching
The suspect, Habibur Rahman, a 37-year-old resident of Langdon Crescent in East Ham, London, was arrested following the raid. Rahman now faces charges related to operating a cryptocurrency ATM without the necessary registration from the Financial Conduct Authority (FCA). Rahman is also accused of converting £300,000 of criminal money into digital assets. Although he is on bail, his court date is October 10, 2024.
Crypto ATM Misuse Leads to Its Global Slowdown
Crypto ATMs have gained popularity worldwide due to their convenience in accessing digital assets. According to CoinATM Radar, there are 387,000 ATMs in 69 countries, including Canada, Australia, El Salvador, and Spain. The United States houses over 32,000 of these devices. However, the overall number of crypto ATMs has remained stagnant recently. In 2023, the adoption of crypto ATMs significantly dropped before experiencing a recovery this year. Despite their relevance, the convenience of crypto ATMs makes them susceptible to misuse. Global authorities are increasingly vigilant to ensure these machines operate lawfully.
US Regulators Remain Vigilant on Crypto ATMs
US regulatory authorities have begun to take action against digital asset ATMs operating in the country. In 2022, the Federal Trade Commission (FTC) raised awareness about new methods of crypto scams involving the use of crypto ATMs. A year earlier, the Federal Bureau of Investigations (FBI) issued similar warnings to investors about scams involving crypto ATMs and QR codes.
The case of Habibur Rahman underscores the importance of adhering to regulatory standards when operating crypto ATMs. Authorities are intensifying oversight to prevent illegal operations and protect users.
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