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

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

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…

UK Issues First Criminal Sentence for Illegal Crypto ATM Operations - CryptoShrypto

Olumide Osunkoya, a 46-year-old London resident, has become the first individual in the United Kingdom to be criminally convicted for operating unregistered cryptocurrency Automated Teller Machines (ATMs). Osunkoya was sentenced to four years in prison after pleading guilty to five charges, including operating crypto ATMs without Financial Conduct Authority (FCA) registration, forgery, using false identity documents, and possession of criminal p…

‘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 […]

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…

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…

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 …