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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/uk-financial-regulator-charges-individual-for-operating-illegal-crypto-atm-network/" data-wpel-link="internal" rel="noopener noreferrer nofollow">UK Financial Regulator Charges Individual for Operating Illegal Crypto ATM Network</a> 
The United Kingdom’s <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">financial</a> regulator has charged an individual for the first time for operating an illegal crypto ATM network. The Financial Conduct Authority (FCA) announced that 45-year-old Olumide Osunkoya has been charged for operating a crypto ATM network. This network reportedly conducted transactions worth millions of pounds in digital assets.
<h2 id="illegal-atm-network-processes-millions">Illegal ATM Network Processes Millions</h2>
Osunkoya reportedly operated the ATMs without the necessary FCA registration between December 29, 2021, and September 8, 2023. During this period, the machines processed transactions worth £2.6 million.
This charge constitutes a violation of the 2017 Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations (MLRs). Currently, there is no legal crypto ATM operator in the United Kingdom.
<blockquote style="text-align: justify">
 “Our message today is clear. If you operate a crypto ATM illegally, we will stop you. If you use a crypto ATM, you are handing your money directly to criminals. Criminals can use crypto ATMs globally to launder money.” – Therese Chambers, FCA Joint Executive and Market Oversight Director
</blockquote>
<h2 id="shutting-down-crypto-atms">Shutting Down Crypto ATMs</h2>
Last April, several crypto ATMs were found during a raid at a shop in Kent, England, with one publicly displayed. Police charged 37-year-old Habibur Rahman with operating the machine without FCA registration and converting £300,000 worth of criminal funds into crypto. This was the first incident where an individual was charged for operating a single ATM without FCA registration.
Last July, the FCA shut down 26 crypto ATMs in the United Kingdom. This was part of a broader investigation targeting unauthorized machines in the country. The FCA closed ATMs in London, Nottingham, Exeter, Sheffield, and Leeds. According to an official FCA statement, a person who deposited £1,000 into a crypto ATM in Sheffield did not receive any crypto and could not get their money back. Unfortunately, the shop staff provided little assistance.
Over time, the FCA has repeatedly issued warnings about the use of crypto ATMs. However, regulations vary between countries. For example, according to an April filing with the U.S. Securities and Exchange Commission (<a href="https://en.coin-turk.com/uk-financial-regulator-charges-individual-for-operating-illegal-crypto-atm-network/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC</a>), crypto ATM operator Bitcoin Depot generated $689 million in revenue for the 2023 fiscal year, a 7% increase from the previous year. The company stated it plans to add 8,000 kiosks to its network by the end of the year.
The FCA’s action is seen as part of its measures targeting illegal crypto ATM networks. The FCA’s previous warnings and shutdown operations demonstrate its determination to regulate crypto ATMs. This development underscores the necessity for crypto ATMs to be operated in compliance with legal regulations.
The post <a href="https://en.coin-turk.com/uk-financial-regulator-charges-individual-for-operating-illegal-crypto-atm-network/" data-wpel-link="internal" rel="noopener noreferrer nofollow">UK Financial Regulator Charges Individual for Operating Illegal Crypto ATM Network</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

UK Financial Regulator Charges Individual for Operating Illegal Crypto ATM Network

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