using Bitcoin atm machine to withdraw cash

Key Takeaways:

The UK issued its first criminal sentence for illegal crypto ATM operations, sentencing Olumide Osunkoya to four years in prison.
Osunkoya operated 28 unregistered crypto ATMs, processing £2.6 million ($3.14 million) and later managing 12 under a fake name.
The FCA’s crackdown led to the removal of 30 illegal crypto ATMs, reducing the UK’s listed machines from 80 in 2022 to zero in 2024.

A UK court has sentenced Olumide Osunkoya to four years in prison for illegally operating crypto ATMs without regulatory approval, marking the first criminal conviction of its kind in the country.

The Financial Conduct Authority (FCA) revealed that Osunkoya ran 28 unregistered ATMs through his company GidiPlus Ltd between December 2021 and March 2022, processing £2.6 million ($3.14 million) in transactions.

Olumide Osunkoya, who illegally operated crypto ATMs via his company, GidiPlus Ltd, has been sentenced to 4 years in prison for illegal crypto activity worth over £2.5m.

Read more https://t.co/2yf98h1Pj4 #FinancialCrime #FinancialRegulation #Crypto pic.twitter.com/uSVVvn43vz
— Financial Conduct Authority (@TheFCA) February 28, 2025

To evade detection, he later transferred ownership of the machines and personally operated 12 ATMs under a fake identity.

Authorities also found he had used forged bank statements to pass a financial check and was in possession of £19,540 ($24,567) in illicit cash.

Judge Gregory Perrins, sentencing Osunkoya at Southwark Crown Court, described his actions as “deliberate and carefully planned”, emphasizing that his continued illegal operations defied regulators.

The case follows the FCA’s 2023 crackdown on illegal crypto ATMs, which removed 30 machines from UK locations.

The FCA reiterated crypto’s high risks, warning consumers that investing in digital assets could lead to total losses, as the industry remains largely unregulated in the UK.