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

eToro Reports Decline in Third-Quarter Net Income Amid Growing Funded Accounts

eToro reports a significant decline in third-quarter net income to approximately $15 million, down from $57 million last year, despite an 18% growth in funded accounts.

user avatarSon Min-ho

Bitdeer Achieves Record Revenue but Faces Major Losses

Bitdeer reported record revenue of $320.7 million for Q3 2023, an 89% increase year-over-year, but faced a net loss of $125.5 million.

user avatarAyman Ben Youssef

Bitcoin May Benefit from Greater Regulatory Clarity

Bitcoin may benefit from a more predictable US regulatory environment as the SEC shows interest in blockchain-based financial infrastructure.

user avatarKofi Adjeman

SEC Reports Significant Decline in Enforcement Actions

The US Securities and Exchange Commission (SEC) has reported a significant decline in enforcement actions, marking the lowest level since 1991, under the Trump administration.

user avatarTando Nkube

HTX Enhances Trading Fundamentals Amid Market Volatility

HTX enhances trading fundamentals amid market volatility by improving market depth and launching new promotions.

user avatarSatoshi Nakamura

HTX Completes Q3 Token Burn, Enhances Brand Influence

HTX completed its Q3 token burn, destroying approximately 939 trillion HTX tokens valued at around $154.8 million, and enhanced its brand influence at TOKEN2049 in Singapore.

user avatarNguyen Van Long

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.