- Olumide Osunkoya, 45, is charged with running unregistered crypto ATMs in the UK.
- He processed transactions totaling £2.6 million ($3.4 million) from December 2021 to September 2023.
- This marks the FCA’s first enforcement action against unlawful crypto ATM operations.
The Financial Conduct Authority (FCA) in the UK has charged Olumide Osunkoya for operating illegal cryptocurrency ATMs.
This case is noteworthy as it represents the FCA’s first move against unregistered crypto ATM operations. Osunkoya is accused of handling transactions worth £2.6 million across various locations.
FCA Takes Action Against Unregistered Crypto ATM Operator
The FCA’s action underscores its commitment to regulating the cryptocurrency sector and ensuring compliance with financial laws. By targeting unregistered operators, the FCA aims to maintain market integrity and protect consumers from potential fraud and financial risks associated with crypto transactions.
Osunkoya, a 45-year-old London resident, allegedly processed £2.6 million ($3.4 million) in transactions through these unregistered ATMs between December 2021 and September 2023. The charges highlight the growing scrutiny of crypto-related activities in the UK.
The FCA’s move signals a broader effort to clamp down on illegal crypto operations and enforce registration requirements. By doing so, the regulator aims to safeguard consumers and ensure that all crypto businesses adhere to financial regulations.
This case could set a precedent for future enforcement actions against unregistered crypto operations. It underscores the importance of compliance within the cryptocurrency industry and the FCA’s role in maintaining market integrity.
The FCA’s action against Osunkoya highlights its commitment to regulating the cryptocurrency sector and enforcing financial laws. As the market continues to grow, such actions are crucial for ensuring legal compliance and protecting consumers.
“This case underscores the importance of regulatory compliance within the cryptocurrency sector,” said a spokesperson from the Financial Conduct Authority,
