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UK hands down first criminal sentence over illegal crypto ATMs - WorldNL Magazine

Summary by Cointelegraph

Olumide Osunkoya, who operated a network of crypto ATMs without regulatory permission, has been sentenced to four years in prison. An illegal crypto ATM operator has been sentenced to serve four years in prison for operating them — in the UK’s first criminal sentencing for unregistered crypto activity. Olumide Osunkoya illegally operated a network of crypto ATMs, which he did without the needed regulatory permission, the Financial Conduct Author…

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courtnewsuk.co.uk

‘Crypto ATMs were money laundering machines’ – Court News UK

A fraudster who ran a £2.6m money laundering scheme using a network of crypto currency ATM machines in convenience stores across the country has been […]

20 hours ago

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Money Marketing

Man jailed for 4 years over £2.5m crypto ATM network

A man has been jailed for four years for illegally operating a crypto ATM network worth over £2.5m. Olumide Osunkoya, 46, was sentenced on Friday (28 February) at Southwark Crown Court. Osunkoya pleaded guilty to five charges, including money laundering, at an earlier hearing in September. He is the first person to be prosecuted for illegally operating crypto ATMs in the UK. Between 30 December 2021 and 12 March 2022, the FCA said Osunkoya opera…

22 hours ago

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Bitcoin Insider

UK Man Sentenced to Four Years for Operating Illegal Crypto ATM Network

TLDR: Olumide Osunkoya received a four-year prison sentence for operating unregistered crypto ATMs in the UK This marks the UK’s first criminal sentencing for unregistered crypto activity Osunkoya processed £2.6 million ($3.14 million) through 28 locations from 2021-2022 He used fake identities and companies to evade detection after initial discovery The FCA’s 2023 crackdown reduced [...] The post UK Man Sentenced to Four Years for Operating Ill…

22 hours ago

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Blockonomi

UK Sentences First Illegal Crypto ATM Operator to Four Years in Prison

TLDR Olumide Osunkoya received a 4-year prison sentence for illegally operating crypto ATMs without regulatory approval This marks the UK’s first criminal sentencing for unregistered cryptocurrency activity Osunkoya processed £2.6 million ($3.14 million) through 28 locations from December 2021 to March 2022 He continued operations under a fake name after being detected The FCA has since conducted a crackdown, reducing advertised crypto ATMs in …

22 hours ago

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Crypto News Land

UK’s First Illegal Crypto ATM Operator Sentenced to Four Years in Prison

A man got four years in prison for running unregistered crypto ATMs without approval in the UK. Authorities shut down illegal crypto ATMs and warned that digital assets are risky and mostly unregulated. The FCA removed illegal crypto ATMs and aims to recover money made from the crime under UK law. A man has been sentenced to four years in prison for illegally operating a network of cryptocurrency ATMs in the United Kingdom. This marks the countr…

22 hours ago

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UKTN (UK Tech News)

Crypto criminal handed four-year sentence in landmark judgement

Crypto criminal Olumide Osunkoya has been sentenced to four years in prison in a landmark UK conviction for the illegal operation of cryptourrency ATMs. The 46-year-old, who pleaded guilty last September in Southwark Crown Court, has been sentenced for operating crypto ATMs – physical kiosks used to buy and sell cryptoassets – at 28 different locations via his company GidiPlus Ltd. Between 30 December 2021 and 12 March 2022, Osunkoya’s illegal…

22 hours ago

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