Man Pleads Guilty to Illegally Operating Crypto ATM Network in the UK

Policy
  • Olumide Osunkoya pleaded guilty to illegally operating a crypto ATM network.
  • Sentencing for the offenses will take place at Southwark Crown Court at a date that will be confirmed.

Olumide Osunkoya pleaded guilty to illegally operating a crypto ATM network, according to a press release by the Financial Conduct Authority (FCA) on Monday. This marks the first U.K. conviction for running a crypto ATM operation.

Osunkoya, 45, pleaded guilty to five offenses at a hearing held on Monday at Westminster Magistrates’ Court.

Earlier this month he was charged by the FCA for running crypto ATMs that processed british pounds 2.6 million ($3.4 million) in crypto transactions across various locations without having the required registration.

"The court heard evidence that those likely committing money laundering or tax evasion were using his machines," the press release said.

Sentencing for the offenses will take place at Southwark Crown Court at a date that will be confirmed.

The FCA has been clamping down on illegal crypto ATMs. In May last year the FCA alongside the police carried out raids across sites in Exeter, Nottingham and Sheffield. By the end of 2023 it had carried out 34 inspections.

Related news