UK FCA Charges London Resident For Operating Unregistered Crypto ATMs

According to BlockBeats, the UK Financial Conduct Authority (FCA) announced on Tuesday that it has charged Olumide Osunkoya, a 45-year-old resident of London, for illegally operating multiple cryptocurrency ATMs that were not registered with the regulatory body. The FCA stated that these ATMs processed £2.6 million worth of cryptocurrency transactions between December 2021 and September 2023 across various locations. The FCA revealed that Osunkoya was previously a director at Gidiplus Ltd, a company whose registration application was rejected by the regulatory authority in 2021. Following this rejection, Osunkoya continued his activities independently. The regulatory body has charged Osunkoya with two counts related to anti-money laundering and counter-terrorism financing regulations, two counts related to the creation and use of false documents in his operations, and one count involving property suspected to be the proceeds of crime from his cryptocurrency ATM business.