UK's First Crypto Crime: Man Sentenced to Four Years for Unauthorized ATMs
1min read The UK has sentenced a man to four years in prison for illegally operating cryptocurrency ATMs, marking the country's first criminal case involving unauthorized crypto activity. The Financial Conduct Authority (FCA) led the investigation, which resulted in the conviction of 46-year-old Olumide Osunkoya.
Osunkoya had been operating 28 cryptocurrency ATMs through his company, GidiPlus Ltd., between December 2021 and March 2022, despite not receiving regulatory approval. Following the FCA's refusal to grant registration, he reportedly transferred the machines and continued managing a smaller network of 12 ATMs under a different identity to avoid detection. The court found that proper checks to prevent potential money laundering had not been conducted.
His arrest in September 2024 was followed by a guilty plea to five charges. These included fraud-related offenses and the possession of criminal property. By February 2025, the court had delivered its verdict, emphasizing the deliberate nature of his actions. The judge noted that efforts had been made to conceal the illegal activity, describing the offense as more than a simple regulatory breach.
The FCA has been working alongside law enforcement to combat illegal crypto transactions. It had previously investigated multiple locations and disrupted unlicensed ATMs across the country. Reports indicate that the number of such machines has dropped significantly, from over 80 in 2022 to none by 2024. Authorities have continued to caution the public about the risks associated with cryptocurrency investments, stressing that such transactions remain largely unregulated.
In addition, regulatory officials have suggested that this sentencing serves as a warning to those who attempt to bypass financial laws. It was also confirmed that confiscation proceedings would take place under the Proceeds of Crime Act 2002 to recover any financial gains obtained through the illegal operation.
