The UK Financial Conduct Authority (FCA) has charged a 45-year-old for unlawfully running multiple crypto ATMs without a registration. 

According to the press release published on Sept. 10, The crypto ATMs operated by Olumide Osunkoya processed approximately $3.25 million in crypto transactions across multiple locations between Dec. 21, 2021, and Sept. 8, 2023, without the required registration.

Osunkoya will be charged with two offenses under Regulations 86 and 92 of the Money Laundering Regulations (MLR) for operating unregistered crypto ATMs. 

Additionally, Osunkoya is charged with two offenses under the Forgery and Counterfeiting Act 1981 for creating false documents, as well as an offense of possessing criminal property under the Proceeds of Crime Act 2002, relating to the suspected proceeds of his crypto ATM business. 

Osunkoya will appear in front of the Westminster Magistrates’ Court on Sept. 30.

Ever since the introduction of cryptocurrencies, the FCA has been taking action to tackle a rising number of scams and money laundering operations. In an annual report, the UK FCA highlighted that 87% of crypto registrations were withdrawn, rejected or refused for weak money laundering controls. 

The FCA has been communicating with firms to ensure that they have the appropriate anti-money laundering procedures to safeguard the assets of the investors. The annual report showed that 47 firms have registered between Jan. 2020 to Sept. 1.

Making a statement regarding the FCA’s first criminal prosecution, the Joint Executive Director of Enforcement and Market Oversight, Therese Chambers, stated: “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.”

Read more: UK FCA rejected 87% of crypto registrations for weak AML controls