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

Solana Ecosystem Tokens Outperform Broader Altcoin Market

chest

Recent performance benchmarks indicate that Solana ecosystem tokens are outpacing the broader altcoin market, highlighting the active internal rotation within the network.

user avatarSon Min-ho

Arbitrum Achieves $814 Million in Daily DEX Volume

chest

Arbitrum has recorded an impressive $814 million in daily decentralized exchange volume, showcasing strong activity on the Ethereum Layer2 network.

user avatarAyman Ben Youssef

Securitize Enhances Tokenization Framework for Public Equities

chest

Securitize has enhanced its framework for tokenizing public equities, contributing to the integration of traditional assets into blockchain infrastructure.

user avatarTando Nkube

Significant Surge in Dogecoin Network Activity

chest

Significant surge in Dogecoin network activity with a 35% rise in active addresses and daily transactions exceeding 12 million.

user avatarKofi Adjeman

XRP Ledger Reaches 3 Billion Transactions Milestone

chest

The XRP Ledger has achieved a remarkable milestone by crossing 3 billion cumulative transactions.

user avatarNguyen Van Long

Cardano's Blockchain Verification Infrastructure Deployed by Major Retail Group

chest

A major retail group has successfully deployed blockchain verification infrastructure built around Cardano's ecosystem, enhancing the verification of authenticity, origin, and sustainability claims within supply chains.

user avatarSatoshi Nakamura

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.