In a significant first for the UK, 45-year-old Olumide Osunkoya from London has pleaded guilty to illegally operating a network of crypto ATMs without proper registration from the Financial Conduct Authority (FCA). The court hearing took place at Westminster Magistrates’ Court, with sentencing scheduled for a later date.
Earlier this month, the FCA filed charges against Osunkoya for managing at least 11 crypto ATMs that processed over £2.6 million in cryptocurrency transactions over nearly two years. Despite being denied FCA registration in 2021, Osunkoya continued to expand his network in local convenience stores across the UK.
Evidence presented in court revealed that his machines were likely used by individuals engaged in money laundering or tax evasion. Additionally, Osunkoya attempted to circumvent FCA regulations by assuming a false identity.
The FCA has been collaborating with law enforcement to intensify efforts against unregulated crypto ATMs, shutting down 26 machines last year. This move followed the regulator’s directive to close all crypto ATMs operating in the UK, which had been estimated at around 100 machines accepting cash for conversion into cryptoassets.