FCA Accuses Olumide Osunkoya of Illegally Operating Crypto ATMs

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Charges Against Olumide Osunkoya
  2. Among the First Accused for Illegal Crypto ATMs
  3. FCA Measures and Joint Actions


    4. The Financial Conduct Authority (FCA) has charged an individual for the first time for the illegal operation of crypto ATMs.

    Charges Against Olumide Osunkoya

    According to the FCA statement from September 10, the 45-year-old Mr. Osunkoya is charged with unlawfully operating crypto ATMs without FCA approval for over 20 months. Mr. Osunkoya ran these crypto ATMs without registering them with the FCA and processed £2.6 million (~$3.4M) in transactions. He is also charged with the creation and use of false documents for illegal activities.

    Among the First Accused for Illegal Crypto ATMs

    Mr. Osunkoya is the first person to be charged for running an illegal crypto ATM network after another London resident, 37-year-old Habibur Rahman, was arrested and charged in April 2023 for operating a single unregistered crypto ATM. The FCA warned users of crypto ATMs about the high risk of losing their money.

    FCA Measures and Joint Actions

    The FCA continues to work with other law enforcement agencies such as Bedfordshire Police, Metropolitan Police, and others. Joint raids have led to the inspection of 34 suspected locations and the seizure of 26 illegally operating machines. The FCA warns that company directors or senior officers may also be charged if found guilty of violating regulations.

    This first-ever charge highlights the severity of illegal crypto ATM operations and the FCA's efforts to combat violations in this area.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Getty Images Stock Trading Suspended by NYSE

The New York Stock Exchange has suspended trading of Getty Images stock as of September 29, 2023, due to the company's ongoing financial issues and significant debt.

user avatarJacob Williams

Getty Images Faces Bankruptcy Risks Amid Rescue Financing Talks

Getty Images is in confidential discussions with lenders for a rescue financing deal, which may lead to bankruptcy and a lender takeover.

user avatarZainab Kamara

Tavus Launches Griffin, a Revolutionary AI for Human Interaction

Tavus introduces Griffin, an AI model that convincingly simulates human conversation during live video calls.

user avatarAyman Ben Youssef

Griffin Outshines Previous AI Models in Live Conversation Tests

Griffin outperforms its predecessor GriffinLite and other AI models in live conversation tests.

user avatarSon Min-ho

Dolphin Token Listed on Upbit with Three Trading Pairs

Dolphin (POD) has been officially listed on Upbit, one of South Korea's leading cryptocurrency exchanges, with three trading pairs: KRW, BTC, and USDT.

user avatarNguyen Van Long

Optimism Releases Opnode Update to Enhance Sequencer Performance

Optimism has launched a new opnode update aimed at improving the performance of sequencers and preventing configuration errors from causing upgrade issues.

user avatarTando Nkube

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.