UK Cracks Down on Illegal Crypto ATMs: First Conviction Nets 4-Year Sentence
The National Crime Agency (NCA) and local police forces in the UK have launched a joint operation in 2023 to eradicate illegal crypto ATMs from the country. This crackdown follows the first criminal conviction related to such ATMs, sending a strong message to potential offenders.
Olumide Osunkoya, the operator of unregistered crypto ATMs, was sentenced to four years in prison. He had been conducting transactions totalling £2.6 million at 28 locations using machines transferred from his company GidiPlus Ltd. to himself. Osunkoya operated the ATMs under false names and fake corporate data, deliberately circumventing the law.
The Financial Conduct Authority (FCA) charged him for operating unregistered crypto ATMs and failing to prevent money laundering. The FCA, along with local police forces, has inspected 38 locations and removed 30 illegal crypto ATMs this year. This action has led to a significant decrease in the number of crypto ATMs advertised on Coin ATM Radar, from 80 in 2022 to zero in 2023.
The Osunkoya case underscores the challenges of regulating cryptocurrencies and the serious consequences of violating crypto regulations. The FCA has warned investors about the high risks associated with cryptocurrencies, advising them to be prepared for potential total loss of invested capital. The NCA and local police forces remain committed to removing illegal crypto ATMs and ensuring compliance with the law.
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