First Individual Charged for Unlawfully Operating Crypto ATMs in Britain

The UK's Financial Conduct Authority (FCA) has charged Olumide Osunkoya for unlawfully operating crypto ATMs without registration. Osunkoya is accused of managing transactions worth £2.6 million through these machines from December 2021 to September 2023. The FCA emphasized the significant risks and unregulated nature of cryptocurrencies.

Britain's financial watchdog, the Financial Conduct Authority (FCA), announced on Tuesday its first charge against an individual for unlawfully operating crypto ATMs without proper registration.

London-based Olumide Osunkoya, 45, stands accused of running the machines, which allow the exchange of money into cryptoassets, and facilitating £2.6 million ($3.4 million) in transactions across various locations between December 2021 and September 2023.

Therese Chambers, FCA's joint executive director of enforcement and market oversight, issued a stern warning. "Our message today is clear. If you're illegally operating a crypto ATM, we will stop you," she stated, highlighting the association of such activities with criminal enterprises, including money laundering. She also underlined that there are no legal crypto ATM operators in Britain.

The FCA added that Osunkoya, who is charged under money laundering, terrorist financing, and transfer of funds regulations, will appear at Westminster Magistrates Court later this month. This move is part of a broader crackdown on illegal crypto ATM networks, mirrored by similar actions in other countries like Germany.

The FCA has consistently cautioned that cryptocurrencies are highly risky and largely unregulated, with substantial potential for financial loss. Last year, it disrupted 26 illegally operating crypto ATMs in Britain.

(With inputs from agencies.)