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FCA files first criminal charges against operator of crypto ATM network

The Financial Conduct Authority has filed its first criminal charges against an individual accused of unlawfully running multiple crypto ATMs without FCA registration.

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FCA files first criminal charges against operator of crypto ATM network

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Olumide Osunkoya, who is 45 and resides in London, is accused of running crypto ATMs, which processed £2.6m in crypto transactions across multiple locations between 29 December 2021 and 8 September 2023 without the required registration.

The regulator has been working with law enforcement to enforce a crackdown on the operations of crypto ATMs across the UK, shutting down 26 machines last year..

This was after the watchdog ordered the closure of all crypto ATMS in operation across the UK. At the time, it was estimated that there were circa. 100 machines scattered across the country accepting cash for conversion to cryptoassets.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA emphasises that there are no legal crypto ATM operators in the UK.

"Our message today is clear. If you're illegally operating a crypto ATM, we will stop you," she says. "If you’re using a crypto ATM, you are handing your money directly to criminals. Criminals can exploit crypto ATMs to launder money globally."

The defendant will appear before Westminster Magistrates’ Court on 30 September 2024.

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Comments: (1)

A Finextra member 

another example of innovation driven out of the UK by regulators using money laundering as the excuse. Google's London startup campus in Bonhill Street, closed in 2021, used to have a bitcoin ATM in its cafe.

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