The UK's Financial Conduct Authority (FCA) has brought charges against an individual accused of operating an illegal network of cryptocurrency ATMs, marking the first prosecution of its kind in the country. The FCA emphasizes that there are no legal crypto ATM operators in the UK, and those using such machines indirectly contribute to money laundering. The accused, Olumide Osunkoya, allegedly operated multiple crypto ATMs without FCA registration, processing transactions totaling £2.6 million between December 2021 and September 2023. The charges against him include offenses related to unregistered cryptoasset activity, forgery, counterfeiting, and possession of criminal property. The outcome of this case could impact cryptocurrency regulation in the UK and deter unauthorized operators in the space.



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