Man Pleads Guilty to Illegally Operating Crypto ATM Network in the UK

Olumide Osunkoya pleaded responsible to illegally working a cryptocurrency ATM community.

Sentencing for the offenses will happen at Southwark Crown Courtroom on a date to be confirmed.

Olumide Osunkoya pleaded responsible on Monday to illegally working a crypto ATM community, based on a press launch from the Monetary Conduct Authority (FCA). That is the primary UK conviction for working a crypto ATM.

Osunkoya, 45, pleaded responsible to 5 offenses at a listening to held at Westminster Magistrates’ Courtroom on Monday.

Final month, he was accused by the FCA of working crypto ATMs that processed British kilos ($3.4 million) value of crypto transactions at varied places with out having the required registration.

“The court docket heard proof that these more likely to launder cash or commit tax evasion used his machines,” the press launch mentioned.

Sentencing for the offenses will happen at Southwark Crown Courtroom on a date to be confirmed.

The FCA has cracked down on unlawful crypto ATMs. In Could final 12 months, the FCA carried out raids alongside police at places in Exeter, Nottingham and Sheffield. By the top of 2023, 34 inspections had been carried out.