Crypto ATM Operator Pleads Guilty in Landmark UK Conviction

Crypto-related offenses have led to the first conviction in the UK for operating illegal ATMs, with Olumide Osunkoya admitting to five charges in Westminster Magistrates’ Court.

The Financial Conduct Authority (FCA) confirmed this as the first UK case involving illegal cryptocurrency ATMs. Osunkoya ran at least 11 crypto machines across the UK, generating over £2.6 million ($3.5 million) between December 2021 and September 2023, with profits ranging from 10% to 60% per transaction.
Osunkoya, initially operating through Gidiplus Ltd and later independently, expanded his crypto ATM network despite being denied FCA registration in 2021. The court revealed that no customer checks were performed, and those involved in illegal activities, including tax evasion, likely used the machines. It was also revealed that Osunkoya used an alias to avoid FCA regulations.

On September 10, Osunkoya was charged with operating crypto ATMs without FCA registration and faces up to two years in prison or a fine for those offenses. Additional charges of forgery, counterfeiting, and possessing criminal property related to the £19,540 ($26,160) in cash tied to his crypto operations could result in a 14-year sentence. The sentencing will take place at Southwark Crown Court at a later date.

No Legal Crypto ATMs in the UK, FCA Warns

Following the conviction, the FCA reiterated that no legal crypto ATM operators exist in the UK. The regulator warned users about the risks, stating, “If you’re using a crypto ATM, you’re handing money to criminals,” and highlighted the potential for global money laundering through such machines.

The FCA also reminded cryptocurrency buyers of the high-risk nature of the market, advising them to be prepared for significant financial losses.

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