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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/uk-regulator-charges-man-for-illegal-crypto-atms" data-wpel-link="internal" rel="noopener noreferrer nofollow">UK Regulator Charges Man for Illegal Crypto ATMs</a><br></p>
<p style="text-align: justify">The United Kingdom’s <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">financial</a> watchdog has charged a man for running an unauthorized network of cryptocurrency ATMs. The Financial Conduct Authority (FCA) declared that 45-year-old Olumide Osunkoya is facing charges for operating this network. The machines reportedly facilitated digital asset transactions amounting to millions of pounds.</p>
<h2 id="illegal-atm-network-processes-millions">Illegal ATM Network Processes Millions</h2>
<p style="text-align: justify">Osunkoya’s ATMs functioned without the necessary FCA registration between December 29, 2021, and September 8, 2023. Throughout this period, the machines conducted transactions totaling £2.6 million.</p>
<p style="text-align: justify">This represents a breach of the 2017 Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations (MLRs). As of now, no legally approved crypto ATM operators exist in the United Kingdom.</p>
<h2 id="shutting-down-crypto-atms">Shutting Down Crypto ATMs</h2>
<p style="text-align: justify">In April, authorities found multiple crypto ATMs during a raid in a Kent shop, one of which was publicly displayed. They charged 37-year-old Habibur Rahman with operating the machine without FCA registration and converting £300,000 of criminal funds into crypto. This marked the first instance of charging an individual for operating a single, unregistered ATM.</p>
<p style="text-align: justify">By July, the FCA had shut down 26 crypto ATMs across the UK as part of a larger crackdown on unauthorized machines. The closures took place in cities including London, Nottingham, Exeter, Sheffield, and Leeds. An FCA report revealed that a person who deposited £1,000 into a crypto ATM in Sheffield did not receive any cryptocurrency, nor could they retrieve their money, with shop staff providing minimal help.</p>
<h2 id="key-takeaways-from-the-fca-s-actions">Key Takeaways from the FCA’s Actions</h2>
<p style="text-align: justify">– The FCA’s action against Osunkoya highlights the regulator’s commitment to curbing illegal crypto ATM operations.<br> – The £2.6 million processed by these ATMs underscores the significant volume of transactions occurring through unauthorized channels.<br> – This crackdown is part of broader efforts to ensure compliance with anti-money laundering and anti-terrorism financing regulations.<br> – The incident in Sheffield demonstrates the risks consumers face when using unregulated crypto ATMs.<br> – The FCA’s consistent warnings and enforcement actions reinforce the need for legal compliance in the cryptocurrency industry.</p>
<p style="text-align: justify">The FCA’s ongoing efforts to shut down illegal crypto ATMs reflect its broader mission to regulate the cryptocurrency market and protect consumers. This latest charge against Osunkoya serves as a stern reminder that operating unregistered crypto ATMs will not be tolerated in the UK.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/uk-regulator-charges-man-for-illegal-crypto-atms" data-wpel-link="internal" rel="noopener noreferrer nofollow">UK Regulator Charges Man for Illegal Crypto ATMs</a></h5>

UK Regulator Charges Man for Illegal Crypto ATMs

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