A Medway trader suspected of operating an illegal cryptocurrency ATM is believed to be the first person in the UK to be charged with such an offence say police.
On Friday 28 April 2023 Kent Police officers carried out a search warrant at the Gadcet shop in High Street, Chatham, where they seized a number of crypto ATMs including one that was on public display.
A man aged 37 from East Ham, London, was arrested the same day and has now been charged with operating the machine without registration from the Financial Conduct Authority. He is also alleged to have laundered £300,000 of criminal cash by converting it into cryptocurrency.
The man has been bailed to attend Medway Magistrates’ Court on Thursday 10 October 2024.
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.’