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In a landmark case, the first person in the UK has been charged with operating an unregistered cryptocurrency ATM. This development marks a significant step in the country’s crackdown on illicit digital asset operations. Landmark Charge Habibur Rahman, 37, from East Ham, London, has been charged with operating illegal crypto ATMs and laundering £300,000 in criminal cash. Rahman’s arrest follows a police raid on April 28, 2023, at the Gadcet shop located on Chatham’s High Street. During the search, several crypto ATMs were seized, including one prominently displayed to the public. According to Kent Police, Rahman’s charges stem from operating these ATMs without the necessary registration from the Financial Conduct Authority (FCA). Additionally, he is accused of converting criminal proceeds into cryptocurrency, a practice increasingly associated with money laundering and other illicit activities. Regulatory Response Crypto ATMs have been under intense s...

U.S. Senators, spearheaded by Elizabeth Warren, have broadened bipartisan backing for the Digital Asset Anti-Money Laundering Act to regulate cryptocurrency use. The bill seeks to address the growing concerns around the misuse of crypto currencies in illegal financial activities by incorporating digital assets into the existing anti-money laundering and counter-terrorism financing frameworks. JUST IN: US Senator Elizabeth Warren introduces bill to crack down on crypto . pic.twitter.com/T5J1i8B86G — Watcher.Guru (@WatcherGuru) December 11, 2023 New supporters of the bill include Senators Raphael Warnock (D-Ga.), Laphonza Butler (D-Calif.), Chris Van Hollen (D-Md.), John Hickenlooper (D-Colo.), and Ben Ray Luján (D-N.M.). The supporters joined a coalition already backed by a diverse group of senators, indicating a strong bipartisan effort. “The Treasury Department is making clear that we need new laws to crack down on crypto ’s use in enabling terrorist groups, rogue nat...

The UK financial watchdog has received 300 crypto firm registration applications but has approved only 41 applicants. Despite the plans to turn the region into a bustling crypto hub, the United Kingdom’s financial watchdog says it has given the all-clear to only41 out of 300 crypto firm applications seeking regulatory approval to date. The U.K. Financial Conduct Authority (FCA) implemented the new cryptocurrency-focused regulations on Jan. 10, 2020, to supervise businesses operating in the sector and to ensure that they’re subject to the same anti-money laundering (AML) and counter-terrorism financing (CTF) regulations as firms in traditional financial markets. A statement from the FCA has revealed that of the 265 applications that were "determined" a mere 15% of these applications were approved and registered, 74% of firms either refused or withdrew their application, while 11% were rejected. Another 35 applications are yet to be determined. While the FCA didn’t express...