The UK’s financial regulator has charged a man in London for illegally running a £2.6 million ($3.4 million) network of crypto ATMs without registration. 

That’s according to the Financial Conduct Authority, who accused 45-year-old Olumide Osunkoya of the first charge of its kind involving the running of multiple illegal crypto ATMs.  

Osunkoya’s crypto ATM network allegedly processed millions of pounds worth of transactions between 29 December 2021 and 8 September 2023 without FCA approval.

The man was charged twice under the Forgery and Counterfeiting Act, and twice under the Money Laundering, Terrorist Financing and Transfer of Funds regulations.

The FCA’s joint executive director of enforcement and market oversight said, “Our message today is clear. If you’re illegally operating a crypto ATM, we will stop you.”

The FCA reiterated, “There are no legal crypto ATM operators in the UK.” 

Read more: It took UK regulator ‘25 years’ to assess all crypto applications

Police in Kent issued the first crypto ATM indictment in August. In this case, multiple crypto ATMs were seized but the individual was charged with the illegal running of one crypto ATM. The suspect was also accused of laundering £300,000 ($395,000).

Today’s alleged crypto ATM operator is scheduled to appear before a magistrate court by the end of this month. 

Quotes in bold are our emphasis. Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.

The post UK regulator cracks down on crypto ATM network in London appeared first on Protos.

UK police issued the country’s first-ever crypto ATM indictment after accusing a man from London of operating an illegal machine and laundering £300,000 ($395,000).

Habibur Rahman was charged on Wednesday over a year after he was arrested in April 2023.

UK police seized various crypto ATMs from the 37-year-old who ran a mobile phone shop in Chatham, Kent. Rahman is accused of laundering the hundreds of thousands of pounds by converting it into crypto.  

The UK’s Finacial Conduct Authority (FCA) issued a crypto ATM ban in 2022, warning machine holders they must be registered with the FCA. The regulator subsequently launched a crackdown on unregistered crypto ATMs.

By July 2023, Blockworks had reported, using data from CoinATM radar, that there were fewer than 10 crypto ATMs left in the country. Now CoinATM Radar estimates that there are no longer any of the machines in the UK.

Read more: FCA too slow on crypto enforcement, says UK’s spending watchdog

Indeed, the FCA’s Director of Payments and Digital Assets Matthew Long said, “There are currently no crypto ATMs registered with the FCA — so if you’re using one of these machines you could be handing your money to criminals.”

He added, “We continue to remind people that crypto remains largely unregulated and high risk; if you buy it, you should be prepared to lose all your money.”

Rahman is on bail and is scheduled to attend Medway Magistrates’ Court on October 10.

Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.

The post UK’s first crypto ATM charge claims phone shop owner laundered $400K appeared first on Protos.