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The UK Financial Conduct Authority accuses a man of operating a Cryptocurrency ATM machine illegally.
The UK Financial Conduct Authority (FCA) has accused Olumide Osunkoya, a 45-year-old resident of London, of operating multiple cryptocurrency ATMs illegally. The FCA stated that the ATMs operated by Osunkoya processed cryptocurrency transactions worth £2.6 million from December 2021 to September 2023, spread across multiple locations, but these ATMs were not registered with regulatory authorities. The regulatory authority stated that Osunkoya faces two charges related to Anti-Money Laundering and counter-terrorism financing regulations, two charges related to the creation and use of false documents in his activities, and one charge related to the alleged proceeds of crime from his cryptocurrency ATM business. (Financial Times)