The UK's Financial Conduct Authority (FCA) has initiated its first-ever legal proceedings against operators of illegal cryptocurrency ATMs. In a statement on September 10, 2024, the FCA said that Olumide Osunkoya, 45, of London, was running multiple ATMs unlawfully and without FCA registration.

Cryptocurrency ATMs have become increasingly popular, allowing users to insert cash to purchase cryptocurrencies or sell them for cash, acting as a bridge between digital and fiat currencies. However, these ATMs have largely operated in a legal gray area, with many not registered with the FCA.

The FCA's action against Osunkoya marks a significant development, as it signals a crackdown by regulators on unregistered crypto services. The FCA said that Osunkoya had funneled £2.6 million through his unregistered ATMs, highlighting the scale of the issue.

This move by the FCA is a clear message to the crypto industry that regulators are taking a more active role in monitoring and enforcing compliance. It also underscores the growing importance of regulatory oversight in the rapidly evolving cryptocurrency landscape.

Source: https://99bitcoins.com/news/uks-fca-files-first-ever-charges-regarding-unauthorized-crypto-atms/

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