UK Court Sentences Crypto ATM Operator to 4 Years in Prison

Olumide Osunkoya, a 46-year-old UK resident, has been sentenced to four years in prison for operating cryptocurrency automated teller machines (ATMs) without proper registration.

Background and Charges

Osunkoya’s company, GidiPlus, installed multiple crypto ATMs across the UK, despite being denied registration by the Financial Conduct Authority (FCA). He was charged with six counts, including unregistered crypto activity, forgery, possession and use of false identity documents, and criminal property possession.

Osunkoya pleaded guilty to all charges on September 30, 2024, and was convicted on February 28, 2025. The court found that he operated his unregistered crypto business between December 2021 and March 2022, making significant profits by charging markup fees between 30% and 60% on transactions.

Statement from the Judge and FCA

“Your decision to continue to operate illegally was an act of deliberate and calculated defiance to the regulator,” said His Honour Judge Perrins during sentencing.

The judge further noted that Osunkoya went to “great lengths to create a false identity,” making his case more than a mere regulatory breach.

“This is the UK’s first criminal sentencing for unregistered crypto activity and sends a clear message: those who flout our rules, seek to evade detection and engage in criminal activity will face serious consequences,” said Therese Chambers, executive director of enforcement at the FCA.

Crackdown on Illegal Crypto Operations

The FCA has been intensifying its crackdown on illegal crypto-related operations and services. To offer digital asset services and products in the UK, providers must register with the FCA and adhere to anti-money laundering guidelines and checks.

Tips for Crypto Investors:

• Always verify the registration status of crypto service providers before using their services.
• Be cautious of providers charging high markup fees or operating without proper registration.
• Stay informed about the latest crypto regulations and guidelines in your country.

The FCA’s crackdown on illegal crypto ATMs has seen the number of UK crypto ATM locations decrease from 80 in 2022 to zero in 2024. Meanwhile, the global crypto ATM market continues to grow, with over 37,200 machines installed in 69 countries.

Stay up-to-date with the latest crypto news and updates on Global Crypto News.

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