Key Takeaways
- The UK's FCA charges Olumide Osunkoya for illegally operating a network of crypto ATMs without registration.
- This case is notable as it represents the first legal action of its kind in the UK regarding crypto ATM operations.
- The FCA seems to be taking a zero-tolerance approach to unregistered crypto activities.
FCA Charges Individual for Operating Illegal Crypto ATM Network
Olumide Osunkoya, 45, has been charged by the FCA for operating a network of unregistered crypto ATMs in London without registration.
The case, targeting Osunkoya, is significant as it represents the first legal action of its kind in the UK regarding crypto ATMs.
Between December 29, 2021, and September 8, 2023, Osunkoya’s network processed approximately £2.6 million ($3.4 million) in transactions.
Violations of UK Financial Regulations
Osunkoya is accused of operating without the necessary regulatory approval, violating UK's financial and anti-money laundering laws.
The charges against him include violations of the Forgery and Counterfeiting Act and the Money Laundering, Terrorist Financing and Transfer of Funds Regulations.
The FCA has asserted that there are currently "no legal crypto ATM operators in the UK," making clear their regulatory stance.
Commitment to Enforce Compliance in the Crypto Industry
The FCA has been increasing its efforts to tackle crypto-related activities as the use of crypto ATMs rises.
In August, a related case saw Kent Police charge an individual for operating a single illegal crypto ATM and allegedly laundering £300,000 ($395,000).
The FCA's joint executive director said, ‘If you’re illegally operating a crypto ATM, we will stop you’.
Osunkoya is scheduled to face court proceedings later this month.
