Police Raid Crypto ATM Scam on Chatham High Street
Two Men Arrested Over Illegal Crypto Cash Machines
On Friday 28 April 2023, police swooped on a shop in Chatham High Street. Officers found one crypto ATM on public display and three more hidden in storage. Two men were swiftly arrested: a 21-year-old from Gravesend and a 36-year-old from East Ham, London. Both are suspected of money laundering but later bailed pending further investigation.
More Machines Seized in Follow-Up Raids
Detectives didn’t stop at the shop. They raided properties tied to the two suspects and uncovered a fifth illegal crypto ATM. All machines were seized as part of the ongoing probe.
Why The ATMs Are Illegal
Crypto ATMs must be registered with the Financial Conduct Authority (FCA) to meet money laundering laws. None currently have FCA approval, which means all these machines are operating outside the law.
FCA Warns: Crypto Games Are Risky Business
The FCA has previously cautioned consumers about the dangers of crypto products. Without regulation, these investments are high risk, and investors should be ready to lose all their cash.
