As a seasoned crypto investor based in London, this news about Olumide Osunkoya serves as a stark reminder of the wild west nature that still pervades our digital asset landscape. Having lost a significant portion of my savings to scams and frauds in the past, I can’t help but feel a mix of relief and caution upon hearing about the first conviction of an unlawful crypto ATM operator in the UK.
As a researcher delving into the realm of cryptocurrencies, I’ve come across an interesting piece of news. In the UK, Olumide Osunkoya, an individual, has confessed to charges concerning the illicit operation of cryptocurrency Automated Teller Machines (ATMs). This marks a significant milestone as Osunkoya is reportedly the first person in the country to face such charges and be convicted. The information comes from James Hunt’s report for The Block.
According to a statement from the Financial Conduct Authority (FCA), the primary financial regulatory body in the UK, it was disclosed that Osunkoya had been operating at least eleven cryptocurrency Automated Teller Machines (ATMs) across the United Kingdom without proper registration. This unregistered activity took place between December 2021 and September 2023.
Here’s one way of paraphrasing it:
The court heard that Osunkoya used a false identity to bypass regulatory scrutiny. He has been charged with operating the ATMs without FCA approval, which could lead to a prison term of up to two years. Additional charges include forgery, counterfeiting, and possession of criminal property, for which he could face up to 14 years in prison.
Osunkoya’s case signifies a pivotal step in the Financial Conduct Authority (FCA) aiming to suppress illicit cryptocurrency activities within the UK. On September 10, Therese Chambers, the FCA’s joint enforcement director, cautioned that using unauthorized crypto ATMs could potentially expose users to dealing with criminal networks. Furthermore, she emphasized that cryptocurrencies in the UK remain unregulated and may pose substantial financial risks for investors.
According to the FCA’s announcement, it was highlighted that there aren’t any licensed cryptocurrency ATM providers within the United Kingdom at this time.
The sentencing will be held at Southwark Crown Court, with a date to be determined.
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2024-10-01 10:02