In a significant development, Olumide Osunkoya has admitted to operating a cryptocurrency ATM network illegally, as stated in a recent press release by the Financial Conduct Authority. This guilty plea marks a historic first in the UK for such an offense. Osunkoya, aged 45, pleaded guilty to five counts during a hearing at Westminster Magistrates' Court.
The charges stem from his operation of crypto ATMs that facilitated transactions worth £2.6 million without the necessary registration. According to the FCA, it is likely that these machines were being used for illicit activities such as money laundering and tax evasion.
Sentencing is pending at Southwark Crown Court, with a date to be confirmed. The FCA has been actively cracking down on unauthorized crypto ATMs, having conducted 34 inspections by the end of 2023, including raids in multiple locations.