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.
