U.K. With First-Ever Conviction for Operating Illegal Crypto ATM Network

A 45-year-old man, Olumide Osunkoya, has admitted to unlawfully managing a network of cryptocurrency ATMs, making it the first conviction of its kind in the U.K., as announced by the Financial Conduct Authority (FCA) on Monday.

During a court session at Westminster Magistrates’ Court, Osunkoya pleaded guilty to five charges.

The FCA had previously charged him for operating crypto ATMs that facilitated £2.6 million (approximately $3.4 million) in transactions across multiple locations without the necessary registration.

According to the FCA, evidence presented in court indicated that individuals potentially engaged in money laundering or tax evasion were using Osunkoya’s machines.

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A sentencing date will be confirmed by Southwark Crown Court.

The FCA has been actively targeting illegal crypto ATMs, conducting raids in Exeter, Nottingham, and Sheffield in May last year, and completing 34 inspections by the end of 2023.

Alexander Stefanov

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