UK's First Crypto ATM Operator Convicted for Illegal Operations, Sentencing Pending

Olumide Osunkoya has pleaded guilty to running an illegal network of crypto ATMs. His sentencing will take place at Southwark Crown Court, but the exact date is still to be confirmed.

This case marks the first conviction in the U.K. for operating a crypto ATM operation, according to a press release from the Financial Conduct Authority (FCA). Osunkoya, who is 45 years old, admitted to five charges during a hearing at Westminster Magistrates’ Court.

Earlier this month, the FCA charged him for managing crypto ATMs that processed a total of £2.6 million (about $3.4 million) in transactions without the required registration. That’s a significant amount of money moving through those machines.

The press release revealed that evidence showed people likely involved in money laundering or tax evasion were using his ATMs. That’s a serious concern.

The FCA has been taking a strong stance against illegal crypto ATMs. Just last May, they teamed up with the police to conduct raids in Exeter, Nottingham, and Sheffield. By the end of 2023, they had completed 34 inspections.