On Friday 28 April 2023 officers executed a search warrant at a shop in
Chatham High Street where one of the ATMs was on public display and three
others were in storage.
A 21-year-old man from Gravesend and a 36-year-old man from East Ham,
London, were arrested the same morning on suspicion of money laundering and
later released on bail pending further enquiries.
Further searches were carried out at properties linked to both men, with a
fifth machine being seized.
Crypto ATMs offering cryptoasset exchange services must be registered with
the Financial Conduct Authority (FCA) to ensure they comply with money
laundering regulations. As there are no ATMs that have been, they are all
currently illegal.
The FCA has previously warned consumers that the lack of regulation means
crypto products are high risk, and that they should be prepared to lose all
their money if they invest in them.
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