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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/olumide-osunkoya-accepts-guilt-in-running-illegal-crypto-atms-in-the-uk/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Olumide Osunkoya Accepts Guilt in Running Illegal Crypto ATMs in the UK</a><br></p>
<p style="text-align: justify">Olumide Osunkoya has become the first person in the United Kingdom to admit guilt for operating illegal <a href="https://en.coin-turk.com/top-crypto-analysts-of-the-month/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto</a> ATMs. The 45-year-old pleaded guilty at Westminster Magistrates’ Court to charges of running unregistered crypto ATMs, document fraud, and possession of criminal property.</p>
<h2 id="fca-warning-providing-money-to-criminals">FCA Warning: Providing Money to Criminals</h2>
<p style="text-align: justify">The UK’s Financial Conduct Authority (FCA) filed charges against Osunkoya for running at least 11 unregistered crypto ATMs, through which he conducted transactions worth £2.6 million. After his application for FCA registration was rejected in 2021, Osunkoya expanded his network, installing crypto ATMs in retail stores nationwide. His activities lacked basic customer due diligence and source of funds checks, increasing the risks of money laundering and tax evasion. Therese Chambers, the FCA’s Director of Enforcement and Market Oversight, stated:</p>
<blockquote>
 <p>“Those operating these illegal machines will be stopped. Users are directly funding criminals.”</p>
</blockquote>
<h2 id="criminal-penalties-and-possible-sentences">Criminal Penalties and Possible Sentences</h2>
<p style="text-align: justify">This case represents the FCA’s first criminal prosecution against unregistered crypto asset activities under the 2017 Money Laundering, Terrorist Financing, and Transfer of Funds Regulations. Osunkoya faces up to 2 years in prison for operating unregistered ATMs, up to 10 years for document fraud, and up to 14 years for possession of criminal property.</p>
<p style="text-align: justify">Currently, there are no legally operating crypto ATM operators in the UK due to the requirement for each machine to be registered with the FCA. The FCA continues to collaborate with law enforcement to eliminate illegally set up devices. In 2023, the FCA investigated 34 suspicious locations, removing 26 illegally operating machines.</p>
<h2 id="fraud-and-financial-loss">Fraud and Financial Loss</h2>
<p style="text-align: justify">While the FCA attempts to stop illegal crypto ATMs, such machines remain popular in many other countries. For instance, the United States has over 31,000 devices that facilitate crypto transactions for users. However, due to the risks associated with money laundering and other criminal activities, many developed countries have implemented regulations to mitigate these risks.</p>
<p style="text-align: justify">According to the U.S. Federal Trade Commission, users lost $110 million this year due to crypto ATM fraud. Emma Fletcher, a senior data researcher at the FTC, pointed out that scammers have been using these machines to defraud people more than in previous years.</p>
<p style="text-align: justify">Osunkoya’s case highlights the serious consequences of regulatory gaps and illegal activities in the <a href="https://en.coin-turk.com/the-dark-side-of-dcg-the-giant-of-crypto/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> sector. The increase in such cases serves as a significant warning for both users and operators to comply with regulations.</p>
<p style="text-align: justify">The FCA’s ongoing efforts against these operations are crucial for making the <a href="https://en.coin-turk.com/paypal-forms-crypto-partnership-with-moonpay/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency market</a> more transparent and secure. Users need to be aware of the risks associated with trading cryptocurrencies through illegal channels.</p>
<p>The post <a href="https://en.coin-turk.com/olumide-osunkoya-accepts-guilt-in-running-illegal-crypto-atms-in-the-uk/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Olumide Osunkoya Accepts Guilt in Running Illegal Crypto ATMs in the UK</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Olumide Osunkoya Accepts Guilt in Running Illegal Crypto ATMs in the UK

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