Key Takeaways:
- Olumide Osunkoya pleaded guilty to fraud and money laundering for operating unregistered crypto ATMs in the UK.
- He processed over £2.6 million in crypto transactions, evading FCA regulations and charging fees up to 60%.
- This case is the UK’s first prosecution under anti-money laundering laws for crypto businesses.
Olumide Osunkoya, a UK-based crypto ATM operator, has pleaded guilty to charges of fraud and money laundering.
He operated at least 11 unregistered crypto ATMs across the UK without the approval of the Financial Conduct Authority (FCA), processing over £2.6 million in crypto transactions between December 2021 and September 2023.
FCA CLAMPS DOWN ON ILLEGAL CRYPTO ATMS WITH FIRST LANDMARK UK COURT CASEÂ
— BSCN (@BSCNews) September 30, 2024
– For the first time ever, a UK court has witnessed an individual pleading guilty to illegally operating a crypto ATM network in the country.Â
– At a hearing held in Westminster Magistrates Court, Olumide… https://t.co/bKSrcVmpAw pic.twitter.com/hH6a1zdai4
Despite being denied FCA registration in 2021, Osunkoya continued expanding his ATM network, allegedly profiting from fees ranging from 10% to 60%.
Evidence suggests that many of his customers were involved in money laundering or tax evasion.
Authorities also discovered £19,540 in cash linked to his illegal activities.
Man pleads guilty to operating illegal crypto ATMs in first UK conviction of its kind https://t.co/7Nkou9ruzQ
— The Block (@TheBlock__) September 30, 2024
The FCA accused Osunkoya of evading regulations by using a false identity and forging documents.
If convicted on all counts, he could face up to 26 years in prison.
This case marks the first prosecution under the UK’s anti-money laundering regulations for crypto businesses.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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