🚀 UK FCA Charges London Resident For Operating Unregistered Crypto ATMs
#UK #FCA #CryptoATM #Cryptocurrency #London #Regulations #AML #CTF #ProceedsOfCrime #Gidiplus
According to BlockBeats, the UK Financial Conduct Authority (FCA) announced on Tuesday that it has charged Olumide Osunkoya, a 45-year-old resident of London, for illegally operating multiple cryptocurrency ATMs that were not registered with the regulatory body. The FCA stated that these ATMs processed £2.6 million worth of cryptocurrency transactions between December 2021 and September 2023 across various locations.
The FCA revealed that Osunkoya was previously a director at Gidiplus Ltd, a company whose registration application was rejected by the regulatory authority in 2021. Following this rejection, Osunkoya continued his activities independently. The regulatory body has charged Osunkoya with two counts related to anti-money laundering and counter-terrorism financing regulations, two counts related to the creation and use of false documents in his operations, and one count involving property suspected to be the proceeds of crime from his cryptocurrency ATM business.#UK #FCA #CryptoATM #Cryptocurrency #London #Regulations #AML #CTF #ProceedsOfCrime #Gidiplus
🚀 UK Treasury Proposes Stricter Regulations for Cryptocurrency Firms
#UK #Treasury #cryptocurrency #cryptofirms #AML #KYC #CTF #digitalidentity #identityverification #FCA #fitandproper #changesincontrol #notificationthreshold #FSMA #trustregistration #correspondentbanking #eurosToPounds #parliament2026 #September30deadline
According to PANews, the UK Treasury has released a draft proposal for revising current anti-money laundering regulations, aiming to address evolving risks and tighten requirements for cryptocurrency businesses. The proposal seeks to establish a more risk-oriented and proportionate system to combat financial crime, while ensuring practicality for the industry. The government also plans to enhance industry guidance on anti-money laundering and counter-terrorism financing compliance, and issue separate guidance on using digital identity verification for these purposes.
The new draft introduces several changes for cryptocurrency firms. The UK Financial Conduct Authority will implement a broader 'fit and proper' test for company controllers, replacing the current beneficial owner test to ensure regulation covers complex ownership structures. Other provisions will lower the notification threshold for changes in control from 25% to 10%, aligning with the Financial Services and Markets Act (FSMA) framework. This means any party acquiring 10% or more equity or exerting significant influence must notify the UK Financial Conduct Authority. Additionally, the draft includes revisions on customer due diligence, trust registration, and restrictions on correspondent banking, along with technical updates such as converting threshold amounts from euros to pounds.
The UK Treasury is seeking feedback on the draft proposal, with a deadline of September 30. The finalized regulations are expected to be submitted to Parliament for review in early 2026.#UK #Treasury #cryptocurrency #cryptofirms #AML #KYC #CTF #digitalidentity #identityverification #FCA #fitandproper #changesincontrol #notificationthreshold #FSMA #trustregistration #correspondentbanking #eurosToPounds #parliament2026 #September30deadline
🚀 European Banking Authority Highlights Regulatory Challenges in Crypto Sector
#EuropeanBankingAuthority #MiCA #AML #CTF #regulatoryarbitrage #VASP #frontcompanies #EuropeanUnion #EU
According to PANews, the European Banking Authority has released a new report focusing on how the cryptocurrency industry is attempting to circumvent new regulations such as the Markets in Crypto-Assets (MiCA) and its expanded anti-money laundering and counter-terrorism financing legislative framework. MiCA, which came into effect at the end of 2024, establishes unified regulatory rules for crypto asset service providers across the 27-member economic bloc. While the report does not specify particular companies, it notes that some entities may continue to evade regulatory requirements, potentially impacting the integrity of the EU's financial system.
One significant risk identified is 'regulatory arbitrage,' where companies obtain regulatory approval in countries with more lenient oversight to operate in other EU regions. Before MiCA's implementation, an unnamed entity applied for registration in multiple countries and later withdrew from jurisdictions under scrutiny to operate in less challenged nations. Although MiCA became fully effective last year, a transition window is set until July 1, 2026, allowing entities that have appealed against authorization conditions to continue operations during this period.
Additionally, some cryptocurrency companies may lack clear identification of actual beneficiaries and governance structures. One virtual asset service provider (VASP) was found to be operated by over 20 unregulated entities outside the EU, raising concerns about transparency. Such opaque structures could lead to the misuse of front companies as channels for money laundering.#EuropeanBankingAuthority #MiCA #AML #CTF #regulatoryarbitrage #VASP #frontcompanies #EuropeanUnion #EU
🚀 VDX Receives Licenses to Operate Virtual Asset Services in Hong Kong
#VDX #VictoryFintech #HongKong #DigitalAssets #SecuritiesAndFuturesCommission #CryptoLicenses #Type1 #Type7 #AutomatedTradingServices #DigitalAssetCustody #AML #CTF #VirtualAssetPlatform #FinancialInstitutions
Digital asset trading platform VDX announced today that Victory Fintech Company Limited has been granted licenses by the Hong Kong Securities and Futures Commission under the Securities and Futures Ordinance. According to Foresight News, these licenses allow the company to conduct Type 1 (dealing in securities) and Type 7 (providing automated trading services) regulated activities. Additionally, VDX Custody Limited has been licensed under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance to offer digital asset custody services. These licenses enable VDX to operate a virtual asset trading platform in Hong Kong and provide infrastructure and related services to licensed financial institutions.#VDX #VictoryFintech #HongKong #DigitalAssets #SecuritiesAndFuturesCommission #CryptoLicenses #Type1 #Type7 #AutomatedTradingServices #DigitalAssetCustody #AML #CTF #VirtualAssetPlatform #FinancialInstitutions