A Nigerian based in London, Olumide Osunkoya, has been charged by the United Kingdom (UK) Financial Conduct Authority (FCA) for allegedly operating an unregistered network of cryptocurrency automated teller machines (ATMs).

Osunkoya, 45, was on Tuesday, charged by the FCa with two offences under money laundering and terrorist financing regulations.

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

It was stated by the authority that 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”.

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

It stated that Osunkoya had been the director of Gidiplus Ltd before acting independently, while the application to register the company was turned down in 2021.

Meanwhile, the suspect is expected to appear at Westminster magistrates’ court at the end of September, 2024.

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

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