A London trader has pleaded not guilty to operating an illegal crypto ATM business and laundering $395,000 in criminal cash.
Habibur Rahman, a crypto trader from East Ham, London, has pleaded not guilty to charges related to operating an illegal crypto ATM business and laundering £300,000 (around $395,000) in criminal cash.
Rahman was arrested in April 2023 after police searched his mobile phone shop in Chatham, Kent, seizing several crypto ATMs, BBC reports, citing a spokesperson for Kent Police. The FCA mandates that all crypto ATM operators must register with the agency, a requirement that Rahman allegedly ignored.
During his court appearance at Medway Magistrates’ Court, he faced charges of running an unregulated business and illegally converting cash into crypto between April and June 2022. Matthew Long, the FCA’s director of payments and digital assets, reiterated the dangers associated with crypto investments, stating “if you are using one of these machines, you could be handing your money to criminals.”
The FCA has recently expanded its enforcement actions, evident in a separate case involving Olumide Osunkoya, another London trader charged with unlawfully operating multiple crypto ATMs that processed £2.6 million (at the time $3.4 million) in transactions. Subsequently, Osunkoya pleaded guilty to five offenses related to running an illegal network of crypto ATMs, marking the U.K.’s first conviction of its kind.
This case underscores the FCA’s ongoing crackdown on unregistered crypto activities and reflects a broader initiative to enhance regulatory oversight in the cryptocurrency sector. As the risks associated with these operations continue to grow, the FCA appears to be increasingly vigilant in its efforts to protect consumers and maintain financial integrity.
A wide array of digital pieces and crypto-inspired art will be featured at Frieze London 2024 this week. Crypto.news brings you the highlights with selections from the Lumen Prize, Asprey’s Sigg Art Prize, Christie’s, and many more!
Frieze London, an annual contemporary art fair that takes place from Oct. 9 until Oct. 13, 2024 in The Regent’s Park, will be hosting a number of digital artwork from award-winning and renowned artists. From non-fungible tokens to crypto, these artists are integrating technology into their work in new and innovative ways.
Below are some digital artworks that are featured throughout Frieze London 2024:
“Decoding Bias” by Theresa Reiwer: This digital art piece depicts eight AI-generated avatars in a group therapy session discussing biased algorithms and toxic programs.
“Blind Camera” by Diego Trujillo Pisanty: This piece utilizes an artificial neural network that transforms sound into images, creating a “Blind Camera” that uses sound instead of light.
“We Are Only Moving Towards Each Other” by Chia Amisola: This piece consists of open internet tabs with words and images, described as “an infinite elegy and memory in the form of electronic literature” exploring intimacy and proximity on the internet.
“Parallels” by Marc Da Costa and Matthew Niederhauser: Incorporating machine-learning technology, this installation features a large LED wall where audiences can see themselves and the world through neural networks.
“Catalog for the Post Human” by Parsons & Charlesworth: A multimedia installation featuring 10 sculptural works and animations mimicking a near-future organization’s trade fair booth.
“Undergrown | Drafting a Hedge Against Existential Risk Exposure” by Lukas Truniger: This installation repurposes obsolete crypto mining hardware, transforming it into art that contributes to scientific computing.
“Human Resource the Musical” by Maren Dagny Juell: Featuring a female digital avatar performing a TED talk that turns into a musical number in an office setting.
“Spirit Systems of Soft Knowing ༊*·˚” by Keiken: An immersive installation where visitors step into haptic wearable wombs created by the artist.
“AI Nüshu” by UchanSun: An interactive art project merging computational linguistics with the legacy of Nüshu, a unique language historically used by Chinese women.
“Reverie of Awakening” by the Reverie of Awakening Team: A mixed-reality game project inspired by surreal experiences during the pandemic, exploring themes of reality and dreams.
“Ascend” by Ryan Koopmans and Alice Wexell: A dynamic Bitcoin Ordinals piece combining photography with advanced 3D techniques to bring the ruins of the Iveria Sanatorium back to life.
“Alvinella Ophis” by Dana Fiona-Armour: Winner of the 2024 Sigg Art Prize, this interdisciplinary 3D animated video installation is set in a dystopian future desert devastated by ecological disaster.
“Alvinella Ophis” by Dana Fiona-Armour | Source: Sigg Art Foundation
“Factory Reset” by Harrison Pearce: This digital artwork combines machinery and AI-integrated imagery to make a statement about technology and society.
“Gallery Install” by Aarom Scheer | Source: Sigg Art Foundation
“Gallery Install” by Aaron Scheer: A digital piece featuring a collection of beige canvases with different textures displayed on a blue wall backdrop.
“Gallery Install” – Aaron Scheer | Source: Sigg Art Foundation
“Ghost Horse of a Thundered Bloodline” by Sasha Stiles: A piece combining traditional art and digital technology, featuring a horseman riding through a digital storm.
“Ghost Horse of a Thundered Bloodline” by Sasha Stiles | Source: Sigg Art Foundation
“LC-SIGG2” by Lea Collet: A floral-themed digital piece depicting different kinds of plants and their roots on a digital background.
“LC-SIGG2” by Lea Collet | Source: Sigg Art Foundation
“Singular Plural Concept Mocap Suit” by Agnieszka Kurant and John Menick: A piece featuring a person wearing a bodysuit in the midst of a digital desert terrain.
“Singular Plural Concept Mocap Suit” by Agnieszka Kurant & John Menick | Source: Sigg Art Foundation
“Digital Muses” Exhibition: This exhibition marks Asprey Studio’s first event at Frieze London, exploring the collection and future of digital art. It features artists like Ryan Barrett, Ahaad Alamoudi, Brendan Dawes, Ali Walker, Léo Caillard, Khaleed Makhshoush, Jesse Woolston, and Kane Tallowin (also known as Defaced).
“Esc Keys” by Susan Kare: A collection of new pieces by the designer famous for her work on the Apple icons and GUIs. Her digital artworks are integrated into the blockchain and optionally paired with physical pieces.
“You Could Suffer in Heaven” by Defaced: A hyper-detailed piece that depicts the artist’s creative mind as a labyrinth of delicate, interconnected illustrations.
ETP issuer Valour has launched a fully backed Ethereum staking ETP on the London Stock Exchange, marking a pivotal step for institutional access to decentralized finance in the U.K.
Valour, a Swiss digital asset investment firm run by DeFi Technologies Inc., has introduced a physically-backed Ethereum (ETH) staking exchange-traded product on the London Stock Exchange, providing institutional investors with passive, non-leveraged exposure to ETH while allowing them to earn staking rewards.
In a Sept. 30 press release, the Swiss firm stated that the product complies with the Financial Conduct Authority’s stipulations and is supported by ETH held in cold storage by custodians Copper Markets AG, with staking services provided by Blockdaemon.
London welcomes first Ethereum ETP with staking
The launch follows LSE’s guidance for admitting physically-backed crypto ETPs. According to DeFi Technologies CEO Olivier Roussy Newton, the product bridges traditional finance and digital assets, offering institutional investors an efficient way to gain exposure to Ethereum and its staking benefits. For Valour, this latest product is an addition to more than a dozen crypto-linked ETPs already available to investors.
The move aligns with recent developments in the U.S., where the Securities and Exchange Commission approved Ethereum spot ETFs in mid-July, though without staking rewards. Ethereum staking yields, currently around 3.19% per data from Staking Rewards, are expected to gain prominence as analysts at FalcoX predict a bull market driven by increased liquidity and favorable outcomes in the 2024 elections.
CEX.IO has resumed operations in the U.K. after a 10-month suspension, now focusing on FCA guidelines.
Crypto exchange CEX.IO has resumed its operations in the United Kingdom just 10 months after a voluntary suspension due to new regulatory policies. In a Sept. 12 press release shared with crypto.news, the platform noted that it had voluntarily halted services following the implementation of the Regime of Financial Promotions policy by U.K. regulators in October 2023.
As of August, both existing and new clients can now access the platform, which has been updated to comply with the Financial Conduct Authority‘s regulations, CEX.IO says. The exchange noted that the U.K. was one of the “primary markets,” with local users representing over 69% of its total customer base across the European Economic Area as of October 2023.
“During the last four quarters of the exchange operations on the U.K. market (Q3 2022 — Q2 2023), the volume of transactions grew by 26.9% on average quarter to quarter.”
CEX.IO
The resumed services will offer access to 190 digital assets, with the company aiming to reestablish the U.K. as a primary target market by adhering to stringent regulatory and security standards.
CEX.IO’s return to the U.K. market is facilitated by approval from FCA-designated firm Gateway 21, although the exchange is still in the process of obtaining an anti-money laundering registration from the FCA. All services will be managed from Lithuania, requiring ongoing collaboration with Gateway 21, the press release reads.
The FCA has charged a London man for illegally operating multiple crypto ATMs without registration, processing millions in transactions.
The U.K.’s Financial Conduct Authority has charged a London man, Olumide Osunkoya, with unlawfully operating crypto ATMs without the necessary registration, marking the regulator’s first criminal prosecution involving unregistered crypto activity.
In a Sept. 10 press release, the financial watchdog accused Osunkoya of running multiple crypto ATMs across various locations that processed £2.6 million ($3.4 million) in transactions between December 2021 and September 2023.
The FCA says the case falls under the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017, making Osunkoya the first person to be charged for running a network of unregistered crypto ATMs in the U.K.
“Our message today is clear. If you are illegally operating a crypto ATM, we will stop you. If you are using a crypto ATM, you are handing your money directly to criminals. Criminals can exploit crypto ATMs to launder money globally.”
Therese Chambers, the FCA’s joint executive director of enforcement and market oversight
No crypto ATMs legally operate in UK
Crypto ATMs allow users to buy or convert money into crypto, but their legal operation requires FCA oversight, which Osunkoya allegedly bypassed. The FCA has recently ramped up efforts, in partnership with law enforcement agencies, to crack down on illegally operated crypto ATMs, with this case being part of that wider initiative.
The FCA states that no crypto ATMs are legally operating in the U.K. and continues to caution consumers about the high risks of crypto, including the potential to lose all invested funds. Osunkoya is set to appear at Westminster Magistrates’ Court on Sept. 30.
Globally, the Bitcoin ATM market has seen significant growth. As of August, there were over 38,000 Bitcoin ATMs worldwide, up from just over 10,000 in October 2020, although this number is down from a peak of nearly 40,000 in December 2022.
