Connect with us

Hi, what are you looking for?

Owner of unlicensed UK crypto ATM network faces criminal charges
Owner of unlicensed UK crypto ATM network faces criminal charges

Finance

The UK Financial Authority has charged the operator of an unlawful crypto ATM network

The boss of Gidiplus Limited, Olumide Osunkoya, is being charged with a crime for having an unlicensed network of crypto ATMs in the UK. His ATMs took out more than 2.6 million pounds, which is against the law and led to other criminal charges. This is the first case in the UK to be prosecuted for running an illegal crypto ATM. The court date is September 30.

The Financial Conduct Authority (FCA) of the UK has sued Olumide Osunkoya, who is the CEO of Gidiplus Limited, for running a network of cryptocurrency ATMs that was not registered with the FCA. For the first time in the UK, the FCA has charged people with running illegal crypto ATM businesses.

It is said that between December 2021 and September 2023, Osunkoya’s network handled cryptocurrency deals worth £2.6 million ($3.4 million). People are being charged with breaking the UK’s Money Laundering Regulations, making fake papers under the Forgery and Counterfeiting Act, and having stolen property under the Proceeds of Crime Act.

Since March 2022, when it told all unregistered machines to close, the FCA has been going after illegal crypto ATMs all over the UK. Even though Gidiplus Limited applied for legal registration in 2021, it was turned down and lost an appeal, which meant that all crypto ATMs in the country were against the law. Therese Chambers, who is the joint head of enforcement at the FCA, warned that anyone using these tools is helping criminals because they can be used to launder money around the world.

Isunkoya will go to court on September 30. In the beginning of 2023, officials arrested Habibur Rahman, who ran a single coin ATM that wasn’t registered. He will be charged with moving £300,000 in illegal funds when he goes to court on October 10.

Advertisement

You May Also Like

Cryptocurrency

In this week's Crypto Chronicle, we explore Meta's new AI search engine that aims to reduce reliance on Google and Microsoft, Banco Bisa's custody...

Business

To make it easier for companies to adopt decentralized technologies, Hitachi Solutions has introduced a new Web3 development assistance package. This program offers a...

Business

Due to difficulties in the decentralized finance (DeFi) industry, dYdX Trading has announced a major layoff of 35% of its employees. As the company...

Cryptocurrency

Following the recent halving of Bitcoin, miners are integrating artificial intelligence and putting cost-cutting measures into place to cope with the rising costs of...

polkadot
Polkadot (DOT) $ 3.88 4.03%
bitcoin
Bitcoin (BTC) $ 69,561.64 3.78%
ethereum
Ethereum (ETH) $ 2,425.57 1.52%
cardano
Cardano (ADA) $ 0.334625 3.40%
xrp
XRP (XRP) $ 0.513723 2.55%
stellar
Stellar (XLM) $ 0.093494 3.32%
litecoin
Litecoin (LTC) $ 66.22 1.57%