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The FCA charged Osunkoya on Sept. 10 with running crypto ATMs without registration at 28 locations through his company GidiPlus Ltd from December 2021 to March 2022, which processed 2.6 million British pounds ($3.14 million).
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“This is the UK’s first criminal sentencing for unregistered crypto activity and sends a clear message: those who flout our rules, seek to evade detection and engage in criminal activity will face serious consequences,” said Therese Chambers, joint executive director of enforcement and market oversight at the FCA.
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Olumide Osunkoya illegally operated a network of crypto ATMs, which he did without the needed regulatory permission, the Financial Conduct Authority (FCA) said in a Feb. 28 statement.
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An illegal crypto ATM operator has been sentenced to four years in prison in the UK’s first criminal case involving unregistered cryptocurrency activity.
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Anthony Pompliano, the founder and CEO of Professional Capital Management, shared the sentiment, saying it was “objectively hilarious” that Trump announced a crypto strategic reserve, yet Wall Street can’t participate “because they have antiquated hours of operations.”
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“For the first time, retail investors win,” he exclaimed as crypto markets soared 12% in reaction to the announcement. “Traditional finance better catch up, or it will quickly become extinct,” he added.
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Meanwhile, President Trump’s son, Eric Trump, said he loved “the genius” of announcing a strategic reserve on a Sunday, when traditional markets are closed and Wall Street sleeps.
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Since 1972, the SEC has included a “gag rule” in its settlements that forbids defendants from criticizing the agency’s claims — a clause that Commissioner Hester Peirce has said “undermines regulatory integrity.”
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“Sure enough, there are clauses that say you can never work in crypto again [and] you can’t talk about this to anyone,” he said.
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As Cointelegraph reported, the Bybit exploit was the largest in crypto history, dwarfing the 2022 Ronin Network attack and the 2021 Poly Network heist. The single attack also represented more than 60% of all crypto funds that were stolen last year, based on Cyvers data.
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The forensic experts and Safe confirmed that Bybit’s infrastructure was not compromised in the hack.
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The SEC has acknowledged a flurry of applications for new types of ETFs, including funds holding altcoins such as SOL and XRP. Analysts expect more types of crypto ETFs to be approved in 2025.
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https://warpcast.com/g17274677/0x841932ff
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Speaking about the EU’s policy framework and broader approach toward digital thought leadership, the Deutsche Börse CEO said that the European Central Bank (ECB) and national central banks must work together to ensure that the digital euro enriches the region’s capital markets ecosystem.
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However, in an open letter to Coinbase CEO Brian Armstrong, Youngblood still said the crypto exchange should list the token.
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Moonwell Finance founder Luke Youngblood said it is “bad long term” for the crypto industry.
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As of Jan. 2, approximately 65% of USDC supplies are on Ethereum, 10% are on Solana, and roughly 15% span Base and Arbitrum — both Ethereum layer 2s — as well as Hyperliquid, a layer 1 for low-latency trading.
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As previously reported, AMF started accepting CASP applications in August 2024, or about six months ahead of the Markets in Crypto-Assets regulations, which are set to be fully enforced on Dec. 30.
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The other two AMF-approved CASPs include Deblock SAS and GOin SAS, which received their authorizations in June 2023 and September 2022, respectively.
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Sygnum flagged the proposed Financial Innovation and Technology for the 21st Century Act (FIT21) and Payment Stablecoin Act as especially important for crypto.
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