The U.K.’s Financial Conduct Authority (FCA) brought its first criminal charges for unregistered crypto activity against a London man accused of operating several unauthorized crypto ATMs in violation of anti-money laundering laws.
The FCA said the charges — including alleged breaches for operating crypto ATMs without registration, two charges of using falsified documents and one charge of possessing proceeds of crime — mark the regulator’s first prosecution for alleged violations of money laundering laws stemming from unregistered crypto activity.
“These are also the first charges brought against a person accused of running a network of crypto ATMs in the U.K.,” the regulator said.
The allegations have not been proven.
In 2020, the FCA was put in charge of crypto sector compliance with anti-money laundering and counter-terrorist financing rules.
The charges, which will be heard in Westminster Magistrates’ Court on Sept. 30, follow a joint effort by the FCA and law enforcement agencies in the U.K. to tackle illegal crypto ATMs.
“Our message today is clear. If you’re illegally operating a crypto ATM, we will stop you,” said Therese Chambers, joint executive director of enforcement and market oversight at the FCA, in a release.