A computer shop boss is believed to be the first person in the UK to be charged on suspicion of operating an illegal cryptocurrency ATM.
Police carried out a search warrant at the Gadcet shop in Chatham High Street on April 28 2023 where they seized a number of crypto ATMs including one that was on public display.
Habibur Rahman, 37, of Langdon Crescent in East Ham, London, was arrested the same day.
He has now been charged on suspicion of operating an illegal cryptocurrency ATM without registration from the Financial Conduct Authority (FCA).
He is also alleged to have laundered £300,000 of criminal cash by converting it into cryptocurrency.
Mr Rahman has been bailed to attend Medway Magistrates’ Court on Thursday 10 October 2024.
With cryptocurrency usage on the rise and potential cyber-criminals taking note the FCA has also issued advice on the use of crypto ATMs.
Matthew Long, director of payments and digital assets for the FCA, said: “There are currently no crypto ATMs registered with the FCA – so if you’re using one of these machines you could be handing your money to criminals.
“The FCA works with law enforcement partners like Kent Police to protect consumers and maintain the integrity of our financial markets.
“We continue to remind people that crypto remains largely unregulated and high risk; if you buy it, you should be prepared to lose all your money.”