The Financial Conduct Authority (FCA) has charged 45-year-old London resident, Olumide Osunkoya, for operating multiple unregistered crypto ATMs. These machines allow users to exchange cash for cryptoassets without proper FCA authorization.

Olumide Osunkoya stands accused of unlawfully managing crypto ATMs, which facilitated £2.6 million worth of transactions across various locations between December 29, 2021, and September 8, 2023, without the necessary FCA registration.

This case represents the FCA’s first-ever criminal prosecution under the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) for unregistered cryptoasset operations. It also marks the first charges against an individual accused of running a network of illegal crypto ATMs in the UK.

The charges come in the wake of the FCA’s recent nationwide crackdown on illicitly operated crypto ATMs, conducted in collaboration with law enforcement agencies.

Therese Chambers, the FCA’s joint executive director of enforcement and market oversight, stated:

“Our message is clear: If you’re operating a crypto ATM illegally, we will take action against you. And if you’re using one, you’re handing your money directly to criminals. Crypto ATMs provide criminals with an avenue to launder money globally.”

Currently, there are no licensed or legally operating crypto ATMs in the UK.

Mr. Osunkoya is scheduled to appear before Westminster Magistrates’ Court on September 30, 2024.

The FCA continues to caution the public that investing in cryptoassets carries significant risk. As crypto remains largely unregulated in the UK, buyers should be prepared for the possibility of losing all their money.