The UK’s top financial regulator, the Financial Conduct Authority (FCA), announced on Tuesday that it has charged Olumide Osunkoya for running unregistered crypto ATMs in the UK. This marks the first time an individual has been prosecuted for such activities under UK law. The FCA said:

The charges mark the FCA’s first criminal prosecution relating to unregistered cryptoasset activity under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).

Osunkoya allegedly operated a network of crypto ATMs, which processed £2.6 million in transactions between Dec. 29, 2021, and Sept. 8, 2023, without FCA registration.

In addition to charges for money laundering, Osunkoya faces accusations under the Forgery and Counterfeiting Act and for possession of criminal property under the Proceeds of Crime Act. These actions follow a joint effort by the FCA and law enforcement to disrupt illegal crypto ATMs across the UK. The FCA further clarified:

There are no legal crypto ATM operators in the UK.

Therese Chambers, joint executive director of enforcement at the FCA, said: “If you’re illegally operating a crypto ATM, we will stop you.” Osunkoya is scheduled to appear in court on Sept. 30, 2024.

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