Police Bust Illegal Crypto ATM Operation in Chatham
Raid Uncovers Five Crypto ATMs
Officers swooped on a Chatham High Street shop on Friday 28 April 2023, seizing five crypto ATMs. One machine was openly displayed, while three more were found in storage. A fifth ATM was taken from related properties after follow-up raids.
Two Men Arrested Over Money Laundering Suspicion
A 21-year-old from Gravesend and a 36-year-old man from East Ham, London, were arrested the same morning. Both face suspicion of money laundering but have since been released on bail as investigations continue.
Crypto ATMs Illegal Without FCA Registration
Crypto ATM operators must register with the Financial Conduct Authority (FCA) to comply with anti-money laundering rules. None currently have approval, making all crypto ATMs illegal.
The FCA warns: “Crypto products carry high risks. Consumers should be ready to lose all their money if they invest.”
