UK's First Crypto ATM Crime: Four Years for Unregistered Machines
1min read The UK has handed down its first criminal sentence for illegal cryptocurrency ATM operations, sending a clear message to those who flout regulations and engage in criminal activities. Olumide Osunkoya, a 46-year-old operator, was sentenced to four years in prison for running a network of unregistered crypto ATMs, processing over £2.6 million ($3.14 million) in transactions.
Osunkoya's crimes included operating the ATMs without the necessary regulatory permission, evading detection by transferring the machines to a fake company, and failing to prevent money laundering. He was also convicted of forgery for creating fake bank statements and possessing criminal property, totaling £19,540 ($24,567) in cash obtained from the illicit ATMs.
Judge Gregory Perrins, at Southwark crown Court in London, described Osunkoya's actions as deliberate and calculated defiance of the regulator. The sentence comes after a 2023 FCA blitz with local police agencies, which resulted in the seizure of 30 illegal crypto ATMs and the removal of all advertised machines on the Coin ATM Radar website.
The Financial Conduct Authority (FCA) has warned the public about the high risks associated with cryptocurrencies, as they remain largely unregulated in the UK. The regulator continues to urge people to be prepared to lose all their money when investing in crypto.
