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ARTICLE · 13 SEPTEMBER 2024

The First Charges Brought For Operating An Illegal Crypto ATM Network

Rahman Ravelli
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The FCA has brought its first criminal prosecution against Olumide Osunkoya for running unregistered cryptocurrency ATMs, processing £2.6 million. This case highlights the strict regulatory environment and enforcement actions against non-compliant crypto ATM operators in the UK.

United KingdomCriminal Law
Syedur Rahman
Syedur Rahman
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Syed Rahman of Rahman Ravelli considers the issues involved in the FCA's action.

The Financial Conduct Authority (FCA) has brought its first criminal prosecution of an individual suspected of running a network of illegal cryptocurrency ATMs.

The regulator has charged London-based Olumide Osunkoya, 45, with unlawfully running cryptocurrency ATMs that processed £2.6 million in transactions at multiple locations between December 2021 and September 2023 without the required registration.

Osunkoya, who first acted as a director of a comany called Gidiplus Ltd before becoming sole practitioner, is charged with two offences under the money laundering regulations. He is also charged with two offences in connection with false documents created and used in operating the ATMs and one of possessing criminal property linked to the suspected proceeds of that business. He will appear before Westminster Magistrates' Court on September 30.

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