The Financial Conduct Authority (FCA) has initiated its first criminal charges against an individual, Olumide Osunkoya, 45, from London, who is accused of operating multiple crypto ATMs without the necessary FCA registration. Between December 29, 2021, and September 8, 2023, these ATMs reportedly processed £2.6 million in cryptocurrency transactions across various locations.
In conjunction with law enforcement, the FCA has been actively enforcing measures to regulate crypto ATMs throughout the UK, resulting in the shutdown of 26 machines last year. This action followed the FCA’s directive to close all crypto ATMs in operation across the country, where it was estimated that around 100 machines were accepting cash for cryptocurrency conversions.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, stated that there are currently no legally operating crypto ATMs in the UK. She emphasized the seriousness of the situation, saying, “Our message today is clear. If you’re illegally operating a crypto ATM, we will stop you. If you’re using a crypto ATM, you are handing your money directly to criminals, who can exploit these machines to launder money globally.”
Osunkoya is scheduled to appear before Westminster Magistrates’ Court on September 30, 2024.