₦airaland Forum

The United Kingdom (UK) Financial Conduct Authority (FCA) has charged Olumide Osunkoya, a 45-year-old London resident, for allegedly operating an unregistered network of cryptocurrency automated teller machines (ATMs).

Similar to a bank ATM, crypto ATMs are machines that allow users to exchange standard money for cryptocurrency.

Crypto ATMs connect to a cryptocurrency exchange and convert deposited cash into crypto, with transactions processed on the blockchain, which is a digital ledger of financial transactions for cryptocurrency.

On Tuesday, FCA said Osunkoya was being charged with two offences under money laundering and terrorist financing regulations.

FCA said the charges against Osunkoya are the first criminal prosecution for such activity.

According to the authority, the offences, are related to fake documents “created and used” for his activities, and one offence of possession of criminal property “relating to the suspected proceeds of his crypto ATM business”.

The machines run by Osunkoya, the FCA said, processed £2.6 million worth of crypto transactions across multiple locations between December 2021 and September 2023.

FCA said Osunkoya had been the director of Gidiplus Ltd before acting independently, while the application to register the company was rejected in 2021.

Osunkoya is expected to appear at Westminster magistrates’ court at the end of the month.

Namaster:
Some people are FOOLISH.

You ESCAPED the Great Tinubulation in Nigeria. You got yourself into a country that works. But instead of following the RULES, you decided to exhibit the kind of LAWLESSNESS that made Nigeria a mirror of HELL.

This IDIOT has set another NEGATIVE record now that a Nigerian is the first person to be prosecuted for the crime he committed.

He has created another PROBLEM for sensible Nigerians. Everytime a similar case comes up in the future, the Case of this man would be cited as a PRECEDENT.

Yampotatocarrot:
Okay, I read through the article and I'm trying to understand the crime

Is it that crypto trading is illegal in the UK? When they say crypto ATM, is it like a physical ATM or a website?

Someone that understands should explain to me biko

Bitterkola100:
crypto atm is like normal physical cash atm

Yampotatocarrot:
Thanks

Meaning he was able to physically get a location to install his ATM, put CCTV, connect it to power so that it'll constantly be on, got security to guard it, and the authorities didn't know for two years (or just left him)

Well sha, any how wey he do am, na him know, I guess the crime was not getting registered then... If not, does that mean crypto trading is a crime?

Namaster:
Some people are FOOLISH.

You ESCAPED the Great Tinubulation in Nigeria. You got yourself into a country that works. But instead of following the RULES, you decided to exhibit the kind of LAWLESSNESS that made Nigeria a mirror of HELL.

This IDIOT has set another NEGATIVE record now that a Nigerian is the first person to be prosecuted for the crime he committed.

He has created another PROBLEM for sensible Nigerians. Everytime a similar case comes up in the future, the Case of this man would be cited as a PRECEDENT.

Namaster:
Some people are FOOLISH.

You ESCAPED the Great Tinubulation in Nigeria. You got yourself into a country that works. But instead of following the RULES, you decided to exhibit the kind of LAWLESSNESS that made Nigeria a mirror of HELL.

This IDIOT has set another NEGATIVE record now that a Nigerian is the first person to be prosecuted for the crime he committed.

He has created another PROBLEM for sensible Nigerians. Everytime a similar case comes up in the future, the Case of this man would be cited as a PRECEDENT.

sleek214:
Some of you just open mouth and talk anyhow

Brendaniel:
His name is not Emeka or Chinedu so the tribe is not of concern to some people and they won't insult his entire tribe like if it was Emeka or Chinedu

NwaNimo1:
https://www.thecable.ng/nigerian-charged-for-operating-illegal-crypto-atm-network-in-uk/

TheTundeMuniru:
Small mind like you... A tribalist

The headline says NIGERIAN before anything else.

Namaster:
Some people are FOOLISH.

You ESCAPED the Great Tinubulation in Nigeria. You got yourself into a country that works. But instead of following the RULES, you decided to exhibit the kind of LAWLESSNESS that made Nigeria a mirror of HELL.

This IDIOT has set another NEGATIVE record now that a Nigerian is the first person to be prosecuted for the crime he committed.

He has created another PROBLEM for sensible Nigerians. Everytime a similar case comes up in the future, the Case of this man would be cited as a PRECEDENT.