Tag: Olumide Osunkoya

In the UK, Olumide Osunkoya pleaded guilty to 5 offenses, becoming the first UK conviction for offenses relating to the operation of crypto ATMs. He is due to be sentenced for running multiple crypto ATMs without FCA registration, creating and using false documents, and possessing criminal property. Osunkoya illegally operated a network of at least 11 crypto ATMs, which processed more than £2.6m in crypto transactions.

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.