The Financial Conduct Authority has charged a man with running illegal crypto ATMs, in what marked the first charge of its kind.
Olumide Osunkoya, 45, of London, has been charged for unlawfully running multiple ATMs, which allowed people to buy and convert money into crypto assets, without FCA registration.
The ATMs processed £2.6mn in transactions across multiple locations between December 29 2021 and September 8 2023, illegally.
There are no legal crypto ATM operators in the UK.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: "Our message today is clear. If you're illegally operating a crypto ATM, we will stop you.
"If you’re using a crypto ATM, you are handing your money directly to criminals. Criminals can exploit crypto ATMs to launder money globally."
The charges mark the FCA's first criminal prosecution relating to unregistered crypto asset activity under money laundering regulations introduced in 2017.
They were also the first charges brought against a person accused of running a network of crypto ATMs in the UK.
The charges follow the FCA’s recent operation, working in partnership with law enforcement agencies, to tackle illegally operated crypto ATMs across the country.
Osunkoya is expected to appear before Westminster Magistrates’ Court on September 30.
tara.o'connor@ft.com
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