An illegal crypto ATM operator has been sentenced to serve four years in prison for operating them — in the UK’s first criminal sentencing for unregistered crypto activity.Â
Olumide Osunkoya illegally operated a network of crypto ATMs, which he did without the needed regulatory permission, the Financial Conduct Authority (FCA) said in a Feb. 28 statement.
“This is the UK’s first criminal sentencing for unregistered crypto activity and sends a clear message: those who flout our rules, seek to evade detection and engage in criminal activity will face serious consequences,” said Therese Chambers, joint executive director of enforcement and market oversight at the FCA.
The FCA charged Osunkoya on Sept. 10 for running crypto ATMs without registration at 28 locations through his company GidiPlus Ltd from December 2021 to March 2022, which processed 2.6 million British pounds ($3.14 million).
He later transferred the ATMs from his…
