Five crypto ATMs were seized and two arrests made as part of an investigation by cybercrime detectives from the Kent and Essex Serious Crime Directorate.

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.

By Ed

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