UK Cracks Down on Illegal Crypto ATMs: First Network Operator Charged

Quick Summary:

Olumide Osunkoya, a 45-year-old resident of London, allegedly managed multiple crypto cash machines locations that handled transactions worth 2.6 million British pounds (approximately $3.4 million) from December 2021 to September 2023.

The Financial Conduct Authority (FCA) of the UK has formally accused a man of operating a series of unauthorized crypto ATMs.

Data from Coin ATM Radar indicates that the total count of machines has skyrocketed from just 73 in 2020 to 1,200 today, marking a 16-fold increase in just two years.

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Article Details

Author / Journalist: teuta

Category: Crypto

Markets: IndiaAustraliaGermany

Topics: 24/7 Cryptocurrency News Bitcoin News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-10 @ 15:12:58 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 442 words

Reading Time: 3 minutes read

Sentences: 30 lines

Sentence Length: 15 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 22449727

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About CoinGape

Main Topics: Crypto

Official Website: coingape.com

Update Frequency: 32 posts per day

Year Established: 2017

Headquarters: India

News Last Updated: 8 hours ago

Coverage Areas: India

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