Kingdom

United

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/uk-prosecutes-first-illegal-crypto-atm-operator" data-wpel-link="internal" rel="noopener noreferrer nofollow">UK Prosecutes First Illegal Crypto ATM Operator</a><br></p>
<p style="text-align: justify">In a groundbreaking legal case, Olumide Osunkoya became the first individual in the United Kingdom to admit to operating illegal cryptocurrency ATMs. At 45, Osunkoya pleaded guilty at Westminster Magistrates’ Court to multiple offenses, including running unregistered crypto ATMs, document forgery, and possessing criminal property. His activities have drawn significant attention from financial regulators and law enforcement, sparking a broader conversation on the oversight of digital currency transactions.</p>
<h2 id="what-led-to-the-fca-s-involvement">What Led to the FCA’s Involvement?</h2>
<p style="text-align: justify">The Financial Conduct Authority (FCA) charged Osunkoya for unlawfully managing at least 11 crypto ATMs across the UK, facilitating transactions worth £2.6 million. After his application for registration was denied in 2021, Osunkoya expanded his operations without performing essential customer background checks or verifying the source of funds. This oversight heightened the risk of money laundering and tax evasion, as noted by Therese Chambers, the FCA’s Director of Enforcement and Market Oversight.</p>
<h2 id="how-severe-are-the-legal-consequences">How Severe are the Legal Consequences?</h2>
<p style="text-align: justify">Osunkoya’s case marks the FCA’s inaugural criminal action against unregistered crypto asset operations under the 2017 Money Laundering Regulations. Potentially, he faces up to two years in prison for unauthorized ATM operations, ten years for document fraud, and fourteen years for holding criminal property. The UK’s strict regulations require every crypto ATM to receive FCA approval, and there are currently no legal operators in the country. The FCA, working with law enforcement, has already dismantled 26 illegal machines this year alone.</p>
<p style="text-align: justify">Key points to consider from this case include:</p>
<ul>
 <li>Olumide Osunkoya’s guilty plea sets a precedent for illegal crypto ATM operations in the UK.</li>
 <li>The FCA’s proactive stance highlights the serious legal ramifications of non-compliance.</li>
 <li>Efforts continue to eliminate unregistered machines, reflecting a broader regulatory push.</li>
 <li>Global comparisons show varying levels of crypto ATM regulation, with the US having over 31,000 devices.</li>
 <li>The case underscores the necessity for robust regulations to combat financial fraud.</li>
</ul>
<p style="text-align: justify">Osunkoya’s prosecution underscores the critical importance of regulatory compliance in the burgeoning cryptocurrency market. As the FCA intensifies efforts to regulate the industry, it serves as a stark warning to others operating outside the law. Users are urged to exercise caution and be aware of the dangers associated with unregulated cryptocurrency transactions. As the market evolves, ensuring transparency and security remains paramount for protecting consumers and the financial system.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/uk-prosecutes-first-illegal-crypto-atm-operator" data-wpel-link="internal" rel="noopener noreferrer nofollow">UK Prosecutes First Illegal Crypto ATM Operator</a></h5>

UK Prosecutes First Illegal Crypto ATM Operator

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