Director of enforcement for FCA on crypto regulation: 'Those who flout our rules will face serious consequences'

The press release further indicates that despite being denied FCA registration in December 2021, Osunkoya continued to operate his network of crypto ATMs. To evade detection, he later transferred the machines from GidiPlus Ltd and personally managed a reduced network of up to 12 crypto ATMs under a false name and company. Additionally, he failed to implement necessary anti-money laundering checks, allowing potential misuse of the ATMs for illicit activities.

Financial News London reports that the UK's conservative regulatory stance on crypto assets may hinder its ability to compete with more progressive jurisdictions. Industry leaders warn that overly stringent regulations could drive innovation and investment to countries with more accommodating regulatory frameworks, potentially diminishing the UK's influence in the global crypto market.

Chambers began her legal career in private practice as a commercial litigator in the City of London. For over 20 years, she has been involved in UK regulatory enforcement at both the Financial Conduct Authority (FCA) and its predecessor, the Financial Services Authority (FSA). Throughout her tenure, Chambers has led investigations and litigation in several high-profile and complex enforcement cases, including Operation Tabernula—the UK's most intricate insider dealing prosecution—as well as cases related to LIBOR and foreign exchange manipulations.

Learn Signal reports that the Financial Conduct Authority (FCA) was established on April 1, 2013, succeeding the Financial Services Authority (FSA) as part of a comprehensive reform of the UK's financial regulatory framework following the global financial crisis. Operating independently of the UK government, the FCA is funded by fees charged to the financial services industry. Its primary objectives include protecting consumers, ensuring integrity within UK financial markets, and promoting effective competition in consumers' interests.