has charged Olumide Osunkoya, a 45-year-old London resident, for allegedly
operating an unregistered network of cryptocurrency automated teller machines
(ATMs).
Similar to a bank ATM, crypto ATMs are machines that allow
users to exchange standard money for cryptocurrency.
Crypto ATMs connect to a cryptocurrency exchange and convert
deposited cash into crypto, with transactions processed on the blockchain,
which is a digital ledger of financial transactions for cryptocurrency.
On Tuesday, FCA said Osunkoya was being charged with two
offences under money laundering and terrorist financing regulations.
FCA said the charges against Osunkoya are the first criminal
prosecution for such activity.
According to the authority, the offences, are related to
fake documents “created and used” for his activities, and one offence of
possession of criminal property “relating to the suspected proceeds of his
crypto ATM business”.
The machines run by Osunkoya, the FCA said, processed £2.6
million worth of crypto transactions across multiple locations between December
2021 and September 2023.
FCA said Osunkoya had been the director of Gidiplus Ltd
before acting independently, while the application to register the company was
rejected in 2021.
Osunkoya is expected to appear at Westminster magistrates’
court at the end of the month.
No comments:
Post a Comment