First UK Conviction for Running Illegal Crypto ATMs

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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.

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