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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

New Report Published Utilizing Primary Source Documentation.

chest

The report is based on information released in disclosures at primary source documentation, ensuring that the information provided is accurate and reliable.

user avatarMaya Lundqvist

US Spot Bitcoin ETFs Experience Record Inflows

chest

US spot Bitcoin ETFs saw a significant inflow of $60.6 billion on Thursday, marking their largest single-day gain since May 1.

user avatarLeo van der Veen

New Study Emphasizes the Significance of Primary Source Documentation.

chest

The report highlights the importance of primary source documentation for providing accurate and reliable information.

user avatarLi Weicheng

Cumulative Inflows into US Spot Solana ETFs Reach $116 Billion

chest

Cumulative inflows into US spot Solana ETFs have surpassed $116 billion, indicating growing institutional interest in the token.

user avatarTenzin Dorje

Binance to Remove Seven Spot Trading Pairs on August 21

chest

Binance has announced the removal of seven spot trading pairs on August 21 at 0300 UTC, including SUIBNB and LTCBNB, as part of its market optimization process.

user avatarAisha Farooq

HYPE Token Briefly Surpasses Dogecoin in Market Capitalization

chest

On August 20, Hyperliquids HYPE token briefly surpassed Dogecoin in market capitalization, highlighting a significant valuation shift.

user avatarBayarjavkhlan Ganbaatar

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.