UK FCA First Accuses Individuals Running Illegal Crypto ATM Network
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September 13, 2024
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Foresight News: FCA Charges Man for Running Unregistered Cryptocurrency ATMs
The Financial Conduct Authority (FCA) has charged Olumide Osunkoya, a 45-year-old London resident, with illegally operating multiple cryptocurrency ATMs without FCA registration.
Between December 29, 2021 and September 8, 2023, Osunkoya's ATMs processed £2.6 million worth of cryptocurrency transactions at various locations. However, he failed to obtain the necessary registration.
The announcement states that there are currently no legally operating cryptocurrency ATMs in the UK.
Osunkoya is scheduled to appear at Westminster Magistrates' Court on September 30, 2024.
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