The operator of a crypto ATM network in the UK has been sentenced to four years in prison, marking the first case of its kind pursued by the FCA.
Between December 30, 2021, and March 12, 2022, Olumide Osunkoya ran crypto ATMs across 28 locations through his company, GidiPlus Ltd, despite being denied registration by the FCA. He later transferred the machines from GidiPlus Ltd and personally managed a smaller network of up to 12 crypto ATMs using a false name and company to avoid detection.
In addition to operating without approval, Osunkoya was convicted for forgery, using false identity documents, and possessing criminal property. He reportedly made significant profits from his operations, charging transaction markups between 30% and 60%.
This case represents the first sentencing for unregistered cryptoasset activity in the UK. Following the FCA’s enforcement actions, the number of crypto ATMs listed on CoinATMRadar in the UK has dropped from over 80 in 2022 to zero in 2024.
During the sentencing, Judge Perrins stated: “Your decision to continue to operate illegally was an act of deliberate and calculated defiance to the regulator… You knew full well that you were acting unlawfully… You went to great lengths to create a false identity to conceal your involvement… Your actions were deliberate and carefully planned… It cannot be said that it is a mere regulatory breach.”
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, remarked, “This is the UK’s first criminal sentencing for unregistered crypto activity and sends a clear message: those who flout our rules, seek to evade detection, and engage in criminal activity will face serious consequences.”