FCA Takes First Action Against Illegal Crypto ATM Network Operator

The UK Financial Conduct Authority (FCA) has charged Mr Olumide Osunkoya, who is 45 and resides in London, for unlawfully running multiple cryptocurrency ATMs without FCA registration. These crypto ATMs processed £2.6m in cryptocurrency transactions across multiple locations between 29 December 2021 and 8 September 2023 without the required registration.

The defendant will appear before Westminster Magistrates’ Court on 30 September 2024.

The charges mark the first time the FCA has brought criminal proceedings under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) for unregistered crypto-asset activity. It is also the first time charges have been brought against a person accused of running a network of crypto ATMs in the UK.

The charges follow the FCA's recent nationwide campaign against illegally operating crypto ATMs, in partnership with law enforcement agencies.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA said: “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 are handing your money directly to criminals. Criminals can exploit crypto ATMs to launder money globally.”

“There are no legal crypto ATM operators in the UK,” said the FCA, continuing to warn people that if you buy crypto, you should be prepared to lose all your money. Crypto remains largely unregulated in the UK and is high-risk.