UK Regulations: FCA Takes Action Against Illegal Crypto ATMs

Tuesday, 10 September 2024, 05:45

Regulations surrounding crypto ATMs in the UK are under scrutiny as the FCA charges an individual for operating without authorization. The case involves a network of ATMs processing millions in crypto transactions. With the increasing focus on compliance, this development marks a significant moment in the cryptocurrency landscape.
Coindesk
UK Regulations: FCA Takes Action Against Illegal Crypto ATMs

UK Regulations: The Fight Against Illegal Crypto ATMs

The UK has tightened its grip on the cryptocurrency space, particularly regarding illegal crypto ATMs. The FCA (Financial Conduct Authority) has charged Olumide Osunkoya, a 45-year-old from London, with operating a network of illegal crypto ATMs.

What You Need to Know

  • The illegal ATMs processed transactions worth £2.6 million ($3.4 million).
  • Authorities are increasingly cracking down on unregulated operations.
  • This action emphasizes the importance of compliance within the crypto industry.

As the landscape evolves, keeping abreast of these regulations is crucial for stakeholders in the crypto market.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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