Olumide Osunkoya, who is 45 and resides in London, is accused of running crypto ATMs, which processed £2.6m in crypto transactions across multiple locations between 29 December 2021 and 8 September 2023 without the required registration. The regulator has been working with law enforement to enforce a crackdown on the operations of crypto ATMs across the UK, shutting down 26 machines last year..

This was after the watchdog ordered the closure of all crypto ATMS in operation across the UK. At the time, it was estimated that there were circa. 100 machines scattered across the country accepting cash for conversion to cryptoassets. Therese Chambers, joint executive director of enforcement and market oversight at the FCA emphasises that there are no legal crypto ATM operators in the UK. "Our message today is clear. If you’re illegally operating a crypto ATM, we will stop you," she says. "If you’re using a crypto ATM, you are handing your money directly to criminals. Criminals can exploit crypto ATMs to launder money globally." The defendant will appear before Westminster Magistrates’ Court on 30 September 2024.