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

MEXC's Tokenized Stocks and ETFs Experience 30% Growth

chest

MEXC reported a 30% month-on-month increase in spot trading volume for tokenized stocks and ETFs, reflecting broad-based growth.

user avatarKofi Adjeman

MEXC Reports Significant Growth in August Trading Data

chest

MEXC reports significant growth in trading volumes across various asset classes in August 2026, with a 130% month-on-month increase in stock, index, and ETF Futures.

user avatarTando Nkube

TRON DAO Enhances MetaMask Connectivity for Users

chest

TRON DAO announces enhanced MetaMask connectivity for various dApps, improving user interaction within the TRON ecosystem.

user avatarNguyen Van Long

MetaMask Connectivity Now Supported by Leading TRON dApps

chest

Four major decentralized applications in the TRON ecosystem have integrated MetaMask connectivity, enhancing user access to on-chain finance.

user avatarSatoshi Nakamura

AI Researchers Reduce Quantum Attack Resource Benchmark by 86 Times

chest

Researchers have reduced the computing resources needed for a potential quantum attack on Bitcoin and Ethereum by 86 times.

user avatarJesper Sørensen

Regulators Urge Faster Cybersecurity Measures in Banking Sector

chest

Regulatory bodies are urging banks to adopt quicker patching and incident response strategies to combat evolving cyber threats.

user avatarRajesh Kumar

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.