UK FINANCE WATCHDOG SHUTTING DOWN ILLEGAL NETWORK CRYPTO ATM

🇬🇧 The UK financial watchdog is shutting down an illegal network of crypto ATMs.

The UK Financial Conduct Authority (FCA) has made headlines by filing its first charges against an individual operating illegal cryptocurrency ATMs. 🚫🏧

Olumide Osunkoya, 45, ran a network of these unregistered machines, processing a staggering £2.6 million in digital assets from late 2021 to September 2023.

Osunkoya faces multiple charges under the Money Laundering Regulations and the Proceeds of Crime Act, including the use of fake documents and possession of criminal property. 🧐

This action is part of the FCA's crackdown on unauthorized crypto ATMs, which has already led to the shutdown of 26 machines across the UK. 🤷

In the first half of 2024, stablecoins facilitated transactions totaling $2.6 trillion. 💵

Visa and Castle Island Ventures project that by the end of the year, this volume could soar to $5.28 trillion.

Stablecoins are predominantly utilized for cross-border payments, remittances, payroll, and trading, especially in emerging markets like Nigeria and Brazil.

📊 Key Stats:

▪️47% use stablecoins for savings

▪️43% for better currency conversion

▪️39% for earning yields

57% of users have increased their stablecoin use over the past year, and 72% expect this trend to continue. 🌐💸

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