The operator of a cryptocurrency ATM in the United Kingdom has admitted to various offenses related to its operations, including fraud and money laundering. Olumide Osunkoya, the individual in question, managed 11 crypto ATMs in the UK without the necessary registration from the Financial Conduct Authority (FCA). This case marks the first prosecution in the UK under regulations concerning money laundering, terrorist financing, and fund transfers. Over a period from December 2021 to September 2023, these ATMs processed over £2.6 million in cryptocurrency transactions, with evidence suggesting potential involvement in illicit activities like money laundering and tax evasion. Osunkoya allegedly profited significantly from transaction fees, attempted to conceal his actions through false identities and forged documents, and faces a possible 26-year jail term if convicted on all charges. The FCA, which has been overseeing anti-money laundering efforts for crypto businesses in the UK since January 2020, has ordered the closure of unregistered crypto ATMs in the country. Read more AI-generated news on: https://app.chaingpt.org/news