UK Regulator Charges First Crypto ATM Operator for £2.6 Million Under Money Laundering Laws

Sep 10, 2024, 11:53 AM

Britain's Financial Conduct Authority (FCA) has charged Londoner Olumide Osunkoya with unlawfully operating crypto ATMs and processing £2.6 million ($3.4 million) in transactions between December 2021 and September 2023. The FCA's actions mark the first charges against a crypto ATM operator in the UK under money laundering laws. The case highlights ongoing concerns about the regulation and legality of cryptocurrency transactions.