On 28 February 2025, the United Kingdom’s Financial Conduct Authority (UK FCA) announced that Olumide Osunkoya, 46, had been sentenced to four years in prison for illegally operating a crypto ATM network and associated offences. The sentencing took place at Southwark Crown Court following Osunkoya’s guilty plea to five charges on 30 September 2024. The UK FCA requested the court to initiate confiscation proceedings under the United Kingdom Proceeds of Crime Act 2002 to recover any financial benefits obtained from his criminal activities.
This case is first criminal sentencing for unregistered cryptoasset activity in the UK. For brief understanding of the facts, between 30 December 2021 and 12 March 2022, Osunkoya operated a network of 28 crypto ATMs across various locations under his company, GidiPlus Ltd, despite being denied UK FCA registration. UK regulations prohibit operating crypto ATMs without prior approval and licensing by UK FCA. To evade detection, Osunkoya later transferred control of the machines and continued operating 12 crypto ATMs under a false identity and company name.
The UK FCA’s investigation found that Osunkoya failed to conduct mandatory anti-money laundering checks, exposing the ATMs to potential use for criminal activity. In addition to the unauthorised operation of crypto ATMs, Osunkoya was convicted of forgery, using false identity documents, and possessing criminal property. He was found in possession of £19,540 in cash linked to the illegal ATM network. The UK FCA revealed that Osunkoya had generated profits, charging transaction markups ranging between 30% and 60%.
The UK FCA’s crackdown on illegal crypto ATMs began in 2023, in partnership with law enforcement agencies, and included visits to 38 locations, leading to the disruption of 30 machines. The number of crypto ATMs advertised on CoinATMRadar in the UK dropped from over 80 in 2022 to zero by 2024.
In sentencing, His Honour Judge Perrins stated: “Your decision to continue to operate illegally was an act of deliberate and calculated defiance to the regulator… You knew full well that you were acting unlawfully… You went to great lengths to create a false identity to conceal your involvement… Your actions were deliberate and carefully planned… It cannot be said that it is a mere regulatory breach.”
Therese Chambers, joint executive director of enforcement and market oversight at the UK FCA, commented: “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.”
