On Tuesday, FCA said Osunkoya was being charged with two offences under money laundering and terrorist financing regulations. grin
A 45-year-old Nigerian man resident in London, Olumide Osunkoya has been arrested and charged in the UK.
The police charged him 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. grin
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.