đš FCA Charges Man for Operating Illegal Crypto ATMs Processing $3.4M!
In a groundbreaking move, the U.K.âs Financial Conduct Authority (FCA) has charged a London man, Olumide Osunkoya, for operating unregistered crypto ATMs that processed ÂŁ2.6 million ($3.4M) in transactions between December 2021 and September 2023. This marks the first criminal prosecution of its kind in the U.K.
The FCA accused Osunkoya of running multiple crypto ATMs without proper registration, violating the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017.
FCA's Warning: "If you're using a crypto ATM, you're handing your money to criminals," said Therese Chambers, FCAâs executive director of enforcement. She emphasized the risks of illegal crypto ATMs, often used for money laundering. Crypto ATMs, which allow users to buy or convert money into crypto, require FCA approval. As of today, no crypto ATMs are operating legally in the U.K. The FCA, along with law enforcement, has intensified efforts to crack down on these illegal operations.
Osunkoya is set to appear in court on Sept. 30. Globally, the Bitcoin ATM market has exploded, with over 38,000 Bitcoin ATMs worldwide as of August, despite being down from a peak in late 2022.
Takeaway: This case serves as a warning for both crypto users and operators in the U.K. The FCA is on a mission to eliminate unregulated activities, urging users to be aware of the risks in the crypto space.
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