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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.
Follow @Professor Mende - Bonuz Ecosystem Founder for more!
#bitcoinatm #btc #bitcoin #ATMUSDT #uk
$BTC
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.
Follow @Professor Mende - Bonuz Ecosystem Founder for more!
#bitcoinatm #btc #bitcoin #ATMUSDT #uk
$BTC
CryptoUK, a trade body based in the United Kingdom, argued that a much more nuanced and tailored approach needs to be taken into consideration.
#Binance #BTC #crypto2023 #uk #unitedkindom
#Binance #BTC #crypto2023 #uk #unitedkindom
The UK has officially passed a bill that recognizes crypto as a regulated financial activity within the country.
Indeed, the Financial Services and Markets Act 2023 has officially become law after receiving royal assent and being approved by King Charles on Thursday.
In a press release issued today, the government noted the act as âcentralâ to its vision âto grow the economy and create an open, sustainable, and technologically advanced financial services sector.â Subsequently, this represents a crucial moment for the digital asset industry in the country.
#uk #cryptocurrency #adoptin #cryptorevolution #cryptoonindia
Indeed, the Financial Services and Markets Act 2023 has officially become law after receiving royal assent and being approved by King Charles on Thursday.
In a press release issued today, the government noted the act as âcentralâ to its vision âto grow the economy and create an open, sustainable, and technologically advanced financial services sector.â Subsequently, this represents a crucial moment for the digital asset industry in the country.
#uk #cryptocurrency #adoptin #cryptorevolution #cryptoonindia
U.K. parliamentarians have voted through a new bill that could recognize crypto as a regulated activity in the country.
The approval of the Financial Services and Markets Bill (FSMB) on Monday by Parliamentâs upper chamber, the House of Lords, means the bill is going to enter the final stages before it is put into law.
The wide-ranging bill, spanning over 340 pages, was introduced in July to take advantage of Brexit freedoms and give regulators more power over the U.K. financial system. While the original bill included a proposal to regulate stablecoins under the countryâs payments rules, amendments to treat all crypto as a regulated activity and measures to supervise crypto promotions were added later as the bill progressed through Parliament.
#uk
The approval of the Financial Services and Markets Bill (FSMB) on Monday by Parliamentâs upper chamber, the House of Lords, means the bill is going to enter the final stages before it is put into law.
The wide-ranging bill, spanning over 340 pages, was introduced in July to take advantage of Brexit freedoms and give regulators more power over the U.K. financial system. While the original bill included a proposal to regulate stablecoins under the countryâs payments rules, amendments to treat all crypto as a regulated activity and measures to supervise crypto promotions were added later as the bill progressed through Parliament.
#uk
The UK Lords have reportedly passed the White Collar Crime and Business Transparency Act, providing further clarification of their crypto-related legislation.
This gives UK law enforcement agencies the power to freeze and seize crypto assets related to uncovered crimes. Under Prime Minister Rishi Sunak, the UK has taken vigorous steps to make the country lucrative to allow the Web3 ecosystem to thrive.
The decision comes days after the UK officially recognized cryptocurrencies as a regulated financial sector under the Financial Services and Markets Act 2023.
#uk #unitedkindom #bitcoinbutton #cryptoregulations #cryptoonindia
This gives UK law enforcement agencies the power to freeze and seize crypto assets related to uncovered crimes. Under Prime Minister Rishi Sunak, the UK has taken vigorous steps to make the country lucrative to allow the Web3 ecosystem to thrive.
The decision comes days after the UK officially recognized cryptocurrencies as a regulated financial sector under the Financial Services and Markets Act 2023.
#uk #unitedkindom #bitcoinbutton #cryptoregulations #cryptoonindia
JUST IN: đŹđ§ UK passes bill to recognize crypto as regulated financial activity in the country.
#uk #regulations
#uk #regulations
The UK finance ministry released draft rules on Wednesday to regulate the troubled crypto industry, aimed at addressing the risks posed by the sector, as highlighted by the recent collapse of exchange FTX.
#uk #crypto2023 #draft #cryptobill #cryptoonindia
#uk #crypto2023 #draft #cryptobill #cryptoonindia
#Binance #crypto2023 #BTC #BNB #uk
đŹđ§ UK inflation rate jumps to 10.4% in February from 10.1% in January.
đŹđ§ UK inflation rate jumps to 10.4% in February from 10.1% in January.
UK Law Commission proposes classifying crypto as a new type of property
Other Law Commission recommendations include creating expert panels and implementing a legal framework around crypto collateral arrangements.
Digital assets, such as cryptocurrencies, could be classified under a new category of personal property, the Law Commission of England and Wales said in its final recommendation report to the government.
The Law Commission, comprising lawyers, judges, and professors, set forth four specific recommendations in its report published on June 28, 2023.
These related to legislation for a distinct category of personal property, creating an industry-specific panel, implementing a bespoke legal framework on crypto collateral arrangements, and law reform to clarify these arrangements.
The recommendations
The commission said the current personal property laws are âsufficiently flexibleâ to encompass cryptocurrencies. However, cryptocurrencies have unique features that set them apart from physical assets, securities, and other forms of property.
Therefore, it noted that a distinct category should be legislated âto better recognize and protect their unique features.â This recommendation was also made in its consultation paper published in 2022.
The Law Commission saw value in creating a panel of experts advising the court on complex legal matters involving cryptocurrencies. The panel should comprise technical experts, legal practitioners, academics, and judges, per the report.
It said the existing laws around using crypto as collateral are ânot adequate.â To address these limitations, the U.K. should create a tailored legal structure that âbetter facilitates the entering into, operation and enforcement of collateral arrangements relating to crypto-tokens and crypto-assets.â
The commission also recommended changes to statutory laws to define if and how certain cryptocurrencies align with the Financial Collateral Arrangement Regulations (FCAR). According to the report, many digital assets are likely to fall outside the scope of FCARs. This action would:
âaim to create a clear and consistent framework for digital assets that will provide greater clarity and security to users and market participants.â
Justice Minister Mike Freer was quoted in the report saying:
âWe must ensure our law remains equipped to meet the complexities of these technologies well into the future, and we will carefully consider these findings as we look to further strengthen the future of our globally-renowned legal system.â
The report stating the recommendations would support the governmentâs crypto hub ambitions.
#uk #cryptocurrency #crypto2023 #googleai
Digital assets, such as cryptocurrencies, could be classified under a new category of personal property, the Law Commission of England and Wales said in its final recommendation report to the government.
The Law Commission, comprising lawyers, judges, and professors, set forth four specific recommendations in its report published on June 28, 2023.
These related to legislation for a distinct category of personal property, creating an industry-specific panel, implementing a bespoke legal framework on crypto collateral arrangements, and law reform to clarify these arrangements.
The recommendations
The commission said the current personal property laws are âsufficiently flexibleâ to encompass cryptocurrencies. However, cryptocurrencies have unique features that set them apart from physical assets, securities, and other forms of property.
Therefore, it noted that a distinct category should be legislated âto better recognize and protect their unique features.â This recommendation was also made in its consultation paper published in 2022.
The Law Commission saw value in creating a panel of experts advising the court on complex legal matters involving cryptocurrencies. The panel should comprise technical experts, legal practitioners, academics, and judges, per the report.
It said the existing laws around using crypto as collateral are ânot adequate.â To address these limitations, the U.K. should create a tailored legal structure that âbetter facilitates the entering into, operation and enforcement of collateral arrangements relating to crypto-tokens and crypto-assets.â
The commission also recommended changes to statutory laws to define if and how certain cryptocurrencies align with the Financial Collateral Arrangement Regulations (FCAR). According to the report, many digital assets are likely to fall outside the scope of FCARs. This action would:
âaim to create a clear and consistent framework for digital assets that will provide greater clarity and security to users and market participants.â
Justice Minister Mike Freer was quoted in the report saying:
âWe must ensure our law remains equipped to meet the complexities of these technologies well into the future, and we will carefully consider these findings as we look to further strengthen the future of our globally-renowned legal system.â
The report stating the recommendations would support the governmentâs crypto hub ambitions.
#uk #cryptocurrency #crypto2023 #googleai
Breaking News: #UKCryptoIndustry #bitcoin and Crypto as regulated financial activity
Shout-out shame to SEC who is making FUD this Indicates that you can't destroy the crypto industry rather than embracing it đ
This we call good news to the crypto industry, and this news might be a sign of a bullish đ â
So we may prepare for the beautiful things ahead đ â€ïž
Celebration đ đ are those who have Coins if you don't, no need to celebrate đ„ł đ„ đ
#sec #uk #crypto2023
Shout-out shame to SEC who is making FUD this Indicates that you can't destroy the crypto industry rather than embracing it đ
This we call good news to the crypto industry, and this news might be a sign of a bullish đ â
So we may prepare for the beautiful things ahead đ â€ïž
Celebration đ đ are those who have Coins if you don't, no need to celebrate đ„ł đ„ đ
#sec #uk #crypto2023
