The Financial Conduct Authority (FCA) of the UK has formally accused a man of operating a series of unauthorized crypto ATMs.
Olumide Osunkoya, a 45-year-old resident of London, allegedly managed multiple crypto cash machines locations that handled transactions worth 2.6 million British pounds (approximately $3.4 million) from December 2021 to September 2023.
FCA Continues Crackdown on Unauthorized Crypto ATMs in the UK
Osunkoya did this without the necessary regulatory approval. He is scheduled to face charges at the Westminster Magistrates’ Court on September 30.
The FCA noted in its statement that this case marks the first instance of charges being filed against an individual for operating a network of crypto cash machines in the UK.
Following last month’s arrest, the Financial Conduct Authority (FCA) has intensified its actions against illegal cryptocurrency teller machines in the UK. In a notable case, 37-year-old Londoner Habibur Rahman was detained as the first person
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