UK's First Illegal Crypto ATM Conviction Unveiled

Olumide Osunkoya has pleaded guilty to illegally running a crypto ATM network across the UK. Even though the UK Financial Conduct Authority (FCA)

A Nigerian national has pleaded guilty to illegally running a crypto ATM network across the United Kingdom. Despite being denied registration by the UK Financial Conduct Authority (FCA) in 2021, his operation handled millions in cryptocurrency transactions. This case marks the first conviction of its type under the UK’s anti-money laundering laws.

Olumide Osunkoya, a 38-year-old Nigerian national, faces five charges after pleading guilty to running an illegal crypto ATM network in the UK. The operation, which was not registered with the FCA, handled over £2.6 million (around $3.5 million) in crypto transactions between December 2021 and September 2023.

According to the FCA, Osunkoya’s crypto ATMs were used by individuals engaging in money laundering and tax evasion activities. Despite being denied registration by the FCA in 2021, Osunkoya expanded his operations, placing ATMs in convenience stores across the UK.

The regulator stated that Osunkoya “completed no customer due diligence or source of funds checks on those who used the crypto ATMs.”

In addition to operating without FCA registration, Osunkoya is charged with creating false documents and possessing £19,540 in criminal property, suspected to be profits from the crypto ATM network. He also deceived authorities by falsely claiming to have sold the business to a fictitious individual.

The FCA highlighted that no legal crypto ATM operators currently exist in the UK. Osunkoya's sentencing will take place at Southwark Crown Court, where he could face up to 14 years in prison.

The above is the detailed content of UK's First Illegal Crypto ATM Conviction Unveiled. For more information, please follow other related articles on the PHP Chinese website!