The Financial Conduct Authority (FCA) reported that Olumide Osunkoya was sentenced to four years’ imprisonment for unregistered cryptoasset activity involving a network of crypto ATMs worth over GBP 2.5m, alongside related offences. The case is described as the UK’s first criminal sentencing for unregistered cryptoasset activity. Osunkoya pleaded guilty to five charges covering operation of crypto ATMs without required FCA registration, forgery, use of false identity documents, and possession of criminal property. The FCA said he operated machines at 28 locations via GidiPlus Ltd after the firm was refused registration in December 2021, then continued operating up to 12 ATMs under a false name and company to evade detection, without carrying out checks to prevent criminal use. At the sentencing hearing, the FCA asked the court to initiate confiscation proceedings under the Proceeds of Crime Act 2002 to recover any financial benefit obtained. The FCA linked the outcome to its wider work with law enforcement to tackle illegal crypto ATMs, citing 38 site visits and disruption of 30 machines in 2023, and a decline in UK crypto ATMs advertised on CoinATMRadar from more than 80 in 2022 to nil in 2024.
Financial Conduct Authority 2025-02-28
Financial Conduct Authority secures first UK prison sentence for unregistered cryptoasset activity involving illegal crypto ATMs
The Financial Conduct Authority (FCA) announced Olumide Osunkoya's four-year imprisonment for unregistered cryptoasset activity involving crypto ATMs worth over GBP 2.5m, marking the UK's first criminal sentencing for such activity. Osunkoya pleaded guilty to operating crypto ATMs without FCA registration and using false identity documents. The FCA highlighted ongoing efforts with law enforcement to combat illegal crypto ATMs, noting a significant reduction in their presence across the UK.