4 years in prison for operating an unregistered crypto ATMs in the UK
03/03/2025
Olumide Osunkoya, a 46-year-old British man, was sentenced to four years in prison for operating an unregistered network of cryptocurrency ATMs across the UK.
This case is notable as it marks the first criminal conviction in the UK for illegal cryptoasset activity.
Between December 2021 and September 2023, Osunkoya ran a network of crypto ATMs through his company, GidiPlus Ltd., despite the Financial Conduct Authority (FCA) refusing his registration.
He continued his operations by transferring machines to new locations and using false identities to evade detection. His illegal activities generated over £2.5 million.
The FCA emphasised Osunkoya's actions were a deliberate and calculated defiance of regulatory oversight. He failed to implement anti-money laundering controls, which could have allowed criminals to use the machines for illicit activities.
The case highlights the importance of adhering to the regulatory framework surrounding cryptocurrencies and serves as a warning to others who might attempt to bypass these regulations.
Source:
(1) UK FCA Wins Crypto ATM Case: GidiPlus' Olumide Osunkoya Sentenced To 4 .... https://financefeeds.com/uk-fca-wins-crypto-atm-case-gidiplus-olumide-osunkoya-sentenced-to-4-years/.
(2) Olumide Osunkoya gets prison sentence for illegally operating crypto .... https://fxnewsgroup.com/forex-news/cryptocurrency/olumide-osunkoya-gets-prison-sentence-for-illegally-operating-crypto-atm-network/.
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