Criminals using bitcoin ATM cash machines to launder money, say detectives - KDTV6 CYPTO NEWS

Monday, December 4, 2017

Criminals using bitcoin ATM cash machines to launder money, say detectives

Police claim bitcoin cash machines are being used by drug dealers and gangsters to launder their dirty money.

Detectives say they have seen an explosion in numbers of criminals using cafes, newsagents and corner shops to exchange their ill-gotten gains into virtual currency ATMs.

Birmingham’s first bitcoin machine was launched in Stechford in June.

Bitcoin was launched in 2009, with transactions being independent of central banks and extremely difficult to trace.

The world’s first permanent ATM opened four years later at a coffee shop in Vancouver.

Detective Chief Superintendent Michael Gallagher, who leads the Metropolitan Police’s Organised Crime Command, said: “Officers from Trident [the Met’s gang crime command] are finding that street dealers are loading up local ATMs and standing on street corners cashless, which decreases the risk for them.

“If you move large quantities of cash, it lowers your vulnerability to other criminals.”

The cash machines are found in 93 locations in UK cities including Birmingham, Coventry, Derby and Leicester.

They allow anyone to deposit sterling in exchange for bitcoin and other ‘crypto currencies’, which are held electronically and only exist in cyberspace.



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