Crypto ATMs seized after money laundering investigation

Two people have been arrested after crypto ATM’s were found in a high street shop in Kent.

Kent and Essex cybercrime detectives search a store in Chatham and found four ATM’s, one of which was on public display.

The ATM’s were set up to illegally sell cryptocurrency.

A 21-year-old man from Gravesend and 36-year-old man from East Ham, London were arrested on suspicion of money laundering.

The pair were later released on bail, pending further investigation.

Detectives carried out further searches at the properties linked to both of the men and seized a fifth machine.

All Crypto ATM’s that offer exchange services, must be registered with the Financial Conduct Authority (FCA) to make sure that the ATM’s comply with money laundering regulations. Currently, no ATM’s have been registered with FCA, meaning all cryptocurrency ATM’s are illegal.

The FCA warned the public that the short fall of regulations means that the cryptocurrency are high risk. They have also warned that people who have invested in cryptocurrency, should be prepared to lose their money.

Featured image: John Cuvinar on Unsplash