• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

FCA Accuses Olumide Osunkoya of Illegally Operating Crypto ATMs

user avatar

by Giorgi Kostiuk

2 years ago

  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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

AI adoption risks highlighted in new educational report

chest

The report outlines several risks associated with AI adoption in education, including errors, bias, and overreliance on AI systems, while emphasizing the need for critical thinking and ethical judgment skills.

user avatarLuis Flores

Universities urged to adapt education for AI-driven workplaces

chest

A new study emphasizes the need for universities to rethink their teaching methods in light of AI's growing presence in various industries.

user avatarArif Mukhtar

Kenya's Capital Markets Authority Seeks Blockchain Surveillance System

chest

The Capital Markets Authority of Kenya is seeking a blockchain analytics platform to monitor the crypto market and enforce compliance with new regulations.

user avatarMaria Gutierrez

Market Factors Influencing PEPE's Price Rally

chest

PEPE's recent price upswing is attributed to a general memecoin rush and gains in Solana, alongside a slight market rebound.

user avatarDavid Robinson

PEPE Memecoin Experiences Significant Price Rebound

chest

PEPE has rallied by 12% in the last 24 hours and 158% in the last week, despite being down 73% over the last year.

user avatarAndrew Smith

MediaFuse Expands into Mainstream Tech with TechnologyWire

chest

MediaFuse has launched TechnologyWire, a news distribution network for the technology sector, optimizing press releases for AI chatbots and human readers.

user avatarJacob Williams

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.