UK regulator cracks down on crypto ATM network in London

The UK’s financial regulator has charged a man in London for illegally running a £2.6 million ($3.4 million) network of crypto ATMs without registration. 

That’s according to the Financial Conduct Authority, who accused 45-year-old Olumide Osunkoya of the first charge of its kind involving the running of multiple illegal crypto ATMs.  

Osunkoya’s crypto ATM network allegedly processed millions of pounds worth of transactions between 29 December 2021 and 8 September 2023 without FCA approval.

The man was charged twice under the Forgery and Counterfeiting Act, and twice under the Money Laundering, Terrorist Financing and Transfer of Funds regulations.

The FCA’s joint executive director of enforcement and market oversight said, “Our message today is clear. If you’re illegally operating a crypto ATM, we will stop you.”

The FCA reiterated, “There are no legal crypto ATM operators in the UK.” 

Read more: It took UK regulator ‘25 years’ to assess all crypto applications

Police in Kent issued the first crypto ATM indictment in August. In this case, multiple crypto ATMs were seized but the individual was charged with the illegal running of one crypto ATM. The suspect was also accused of laundering £300,000 ($395,000).

Today’s alleged crypto ATM operator is scheduled to appear before a magistrate court by the end of this month. 

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