The UK's watchdog has charged a 45-year-old businessman for operating illegal BTC machines.
It marks FCA's first criminal prosecution for unregistered crypto activities in the ATM sector.
The UK's
Financial Conduct Authority (FCA) has taken unprecedented action against an
individual accused of running an illegal network of cryptocurrency ATMs. As the
market watchdog emphasizes, this is its first set of charges involving physical
machines that allow for the buying and selling of digital assets.
At the same
time, the FCA is reminding that “there are no legal crypto ATM operators in the
UK.” Any such machines operate illegally, and those using them indirectly contribute to the global money laundering scheme.
Illegal Crypto ATM Network
A 45-year-old London resident faces charges for allegedly operating
multiple crypto ATMs without FCA registration. These kiosks, which allow users
to buy or convert money into cryptocurrencies, processed transactions totaling
£2.6 million across various locations between December 2021 and September 2023.
This case
represents the FCA's first criminal prosecution related to unregistered
cryptoasset activity under the Money Laundering Regulations of 2017. It also
sets a precedent as the first charges brought against an individual for
operating a network of crypto ATMs in the UK.
“Our
message today is clear. If you're illegally operating a crypto ATM, we will
stop you,” commented Therese Chambers, joint executive director of enforcement and market
oversight at the FCA. “If you're using a crypto ATM, you are handing
your money directly to criminals.”
The charges
against Osunkoya include two offenses under the Money Laundering Regulations
for operating crypto ATMs without FCA registration, two offenses under the
Forgery and Counterfeiting Act 1981 for allegedly creating and using false
documents, and an offense of possessing criminal property under the Proceeds of
Crime Act 2002.
Osunkoya is
scheduled to appear before Westminster Magistrates' Court on September 30,
2024. The outcome of this case could have significant implications for the
regulation of cryptocurrency services in the UK and may serve as a deterrent to
others operating in this space without proper authorization.
FCA Shut Down 26 Illegal Crypto ATMs in 2023
This legal
action follows a recent FCA operation conducted in partnership with law
enforcement agencies to tackle illegally operated crypto ATMs across the
country. In 2023, the FCA inspected 34 locations suspected of hosting such
machines, resulting in the disruption of 26 unlawfully operating ATMs.
The efforts by the FCA seem to be a battle against windmills. In many other places around the world, crypto ATMs are immensely popular. For instance, in the United States, over 31,000 such devices have been installed. Although the regulator may be right in saying that using crypto ATMs facilitates the circulation of cash of unknown origin and may support the laundering of dirty money, many developed economies have implemented a series of regulations aimed at blocking this process.
Unfortunately, ATMs are also used in scams. According to data from the Federal Trade Commission (FTC), users lost $110 million due to these scams in 2023 alone.
Emma Fletcher, a senior data researcher at the FTC, explained that scammers are increasingly using these machines to deceive people. “Scammers are using these machines as a way to take money from people more than we've seen in the past,” she told NBC News.
The UK's
Financial Conduct Authority (FCA) has taken unprecedented action against an
individual accused of running an illegal network of cryptocurrency ATMs. As the
market watchdog emphasizes, this is its first set of charges involving physical
machines that allow for the buying and selling of digital assets.
At the same
time, the FCA is reminding that “there are no legal crypto ATM operators in the
UK.” Any such machines operate illegally, and those using them indirectly contribute to the global money laundering scheme.
Illegal Crypto ATM Network
A 45-year-old London resident faces charges for allegedly operating
multiple crypto ATMs without FCA registration. These kiosks, which allow users
to buy or convert money into cryptocurrencies, processed transactions totaling
£2.6 million across various locations between December 2021 and September 2023.
This case
represents the FCA's first criminal prosecution related to unregistered
cryptoasset activity under the Money Laundering Regulations of 2017. It also
sets a precedent as the first charges brought against an individual for
operating a network of crypto ATMs in the UK.
“Our
message today is clear. If you're illegally operating a crypto ATM, we will
stop you,” commented Therese Chambers, joint executive director of enforcement and market
oversight at the FCA. “If you're using a crypto ATM, you are handing
your money directly to criminals.”
The charges
against Osunkoya include two offenses under the Money Laundering Regulations
for operating crypto ATMs without FCA registration, two offenses under the
Forgery and Counterfeiting Act 1981 for allegedly creating and using false
documents, and an offense of possessing criminal property under the Proceeds of
Crime Act 2002.
Osunkoya is
scheduled to appear before Westminster Magistrates' Court on September 30,
2024. The outcome of this case could have significant implications for the
regulation of cryptocurrency services in the UK and may serve as a deterrent to
others operating in this space without proper authorization.
FCA Shut Down 26 Illegal Crypto ATMs in 2023
This legal
action follows a recent FCA operation conducted in partnership with law
enforcement agencies to tackle illegally operated crypto ATMs across the
country. In 2023, the FCA inspected 34 locations suspected of hosting such
machines, resulting in the disruption of 26 unlawfully operating ATMs.
The efforts by the FCA seem to be a battle against windmills. In many other places around the world, crypto ATMs are immensely popular. For instance, in the United States, over 31,000 such devices have been installed. Although the regulator may be right in saying that using crypto ATMs facilitates the circulation of cash of unknown origin and may support the laundering of dirty money, many developed economies have implemented a series of regulations aimed at blocking this process.
Unfortunately, ATMs are also used in scams. According to data from the Federal Trade Commission (FTC), users lost $110 million due to these scams in 2023 alone.
Emma Fletcher, a senior data researcher at the FTC, explained that scammers are increasingly using these machines to deceive people. “Scammers are using these machines as a way to take money from people more than we've seen in the past,” she told NBC News.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Celsius’ Ex-CEO Seeks Testimony of Former Top Staff in Criminal Trial
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage.
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Don't miss out on our latest videos, interviews, and event coverage.
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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