The United Kingdom (UK) authorities have charged a London-based Nigerian businessman for unlawfully operating a crypto-automated teller machine(ATM) without registration.
According to the British financial watchdog, 45-year-old Olumide Osunkoya allegedly operated machines that allowed users to buy or convert money into crypto assets and processed £2.6 million in transactions across several locations between December 2021 and September 2023.
Therese Chambers, Executive Director of the Financial Conduct Authority (FCA), in a statement on Tuesday stated:
“Our message today is clear. If you’re illegally operating a crypto ATM, we will stop you”
“If you’re using a crypto ATM, you’re handing your money directly to criminals. Criminals can exploit crypto ATMs to launder money globally,” she said.
Chambers emphasized that there are no legal crypto ATM operators in Britain.
Osunkoya, will appear at Westminster magistrates court later this month, charged under money laundering, terrorist financing, and transfer of funds regulations.
Financial watchdogs are clamping down on crypto ATM networks. Germany’s Bafin said last month that authorities had seized almost 250,000 euros in cash in a nationwide operation targeting crypto ATMs.
The FCA disrupted 26 unlawful crypto ATMs in Britain last year and repeatedly warned that cryptocurrencies are highly risky and largely unregulated.