In a landmark case in the UK, Olumide Osunkoya, a 45-year-old man from London, has pleaded guilty to illegally operating a network of cryptocurrency ATMs without proper registration from the Financial Conduct Authority (FCA). This case marks the first prosecution of its kind in the UK.
Osunkoya was charged with five offences, including running at least 11 crypto ATMs that processed more than £2.6 million in transactions over nearly two years. Despite his registration being denied by the FCA in 2021, Osunkoya continued to operate the machines, located in local convenience stores across the country. Authorities found that his network was likely used by individuals involved in money laundering and tax evasion.
The FCA, which has been actively cracking down on illegal crypto ATM operations, ordered the shutdown of all machines across the UK last year, leading to the closure of 26 devices. At its peak, the UK had approximately 100 such machines in operation, accepting cash for conversion to cryptoassets.
Sentencing for Osunkoya will be determined at a later date.