UK FCA Charges First Individual for Illegal Crypto ATM Network
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Britain’s Financial Conduct Authority (FCA) announced on September 10 that it had charged Olumide Osunkoya, a 45-year-old London resident, for unlawfully operating crypto ATMs. This marks the first time an individual has been prosecuted for running these machines without FCA registration.
The charges come as part of the FCA’s efforts to combat illegal crypto ATMs across the UK, working closely with law enforcement agencies. These machines, which allow users to buy or convert money into crypto assets, have been linked to criminal activity such as money laundering and terrorist financing.
Osunkoya is accused of managing crypto ATMs and processing £2.6 million ($3.4 million) transactions from December 2021 to September 2023.
The FCA’s statement emphasized the risks associated with illegal crypto ATMs, noting that criminals can exploit such machines to launder money globally.
In addition to two charges under MLRs, Osunkoya faces charges under the Forgery and Counterfeiting Act 1981 for creating false documents during his operations and a charge of possessing criminal property under the Proceeds of Crime Act 2002.
Osunkoya first acted as a director of Gidiplus Ltd and later as a sole practitioner, allegedly operating without FCA oversight.
“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,” Therese Chambers, the FCA’s joint executive director of enforcement and market oversight, warned.
Osunkoya is set to appear in Westminster magistrates court later
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