First UK Conviction for Running Illegal Crypto ATMs

user avatar

by Giorgi Kostiuk

2 years ago

Olumide Osunkoya has become the first person in the UK to be convicted for operating an illegal crypto ATM network. He pleaded guilty to five charges, including possession of false documents and criminal property.

Olumide Osunkoya Case

Olumide Osunkoya pleaded guilty to charges related to operating illegal crypto ATMs, possession of false documents, and criminal property. The case, heard at Westminster Magistrates Court, involved over £2.6 million in transactions. According to the FCA, the 45-year-old operated a network of at least 11 illegal crypto ATMs from December 2021 to September 2023. Osunkoya failed to conduct necessary customer due diligence and source-of-funds checks, violating anti-money laundering obligations.

Enhanced FCA Measures

The conviction reflects the FCA's increased efforts to clamp down on illegal crypto ATMs. The FCA has been working closely with police forces to shut down unregistered crypto ATMs. So far this year, they have visited 34 suspected sites and decommissioned 26 machines.

International Context

Crypto ATMs are popular in countries like the United States and Germany, but there are no legally registered operators in the UK. In August, German authorities managed to confiscate over $28 million in cash and decommissioned 13 illegal crypto ATMs across 35 locations.

The case of Olumide Osunkoya highlights the FCA's commitment to combating illegal crypto ATMs. This precedent may serve as a deterrent to others flouting the UK's financial regulations.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

CFTC Takes Legal Action Against Utah to Protect Kalshi

CFTC files lawsuit against Utah to block enforcement actions against Kalshi, a prediction market platform.

user avatarElias Mukuru

Utah Charges Kalshi and Co-Founders with Illegal Gambling Promotion

Utah has filed criminal charges against KalshiEX LLC and its co-founders for illegally promoting gambling in the state.

user avatarMohamed Farouk

Arbitrum's Network Fees Remain Stable Amid Increased Activity

Arbitrum's daily user-paid fees remained stable at approximately 19,100 on October 28, despite an increase in active addresses, indicating a shift towards lower-cost interactions.

user avatarDiego Alvarez

Transaction Activity Increases but Lags Behind Wallet Growth

Transaction activity increased modestly to approximately 21 million on the Arbitrum network, despite a significant rise in active addresses, raising concerns about the sustainability of growth.

user avatarMaria Fernandez

Arbitrum Records Sharp Increase in Active Addresses

Arbitrum has recorded a sharp rise in daily active addresses, reaching approximately 109 million on October 28, marking a notable increase in blockchain activity.

user avatarKenji Takahashi

Ripple Aims for $900 Million Annualized Revenue by 2026

Ripple aims to achieve $900 million in annualized product revenue by the end of 2026, diversifying its business strategy beyond cryptocurrency payments.

user avatarGustavo Mendoza

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.