Britain’s financial watchdog has secured the country’s first criminal conviction for unregistered cryptocurrency activity, with a London-based man sentenced to four years in prison.
The Financial Conduct Authority (FCA) announced on Friday that Olumide Osunkoya, 46, was found guilty of running unregistered crypto ATMs across multiple UK locations.
Between December 2021 and March 2022, Osunkoya facilitated transactions worth £2.5 million ($3.2 million) without regulatory approval. He was also convicted of forgery, using false identity documents, and possessing criminal property.
Court records indicate that Osunkoya charged hefty markup fees ranging from 30% to 60% on transactions. His Honour Judge Perrins, who presided over the case, described Osunkoya’s actions as a deliberate defiance of regulatory rules.
Regulators Intensify Crackdown on Illicit Digital Asset Activities
The FCA requires all digital asset service providers in the UK to register and comply with anti-money laundering regulations. Authorities have ramped up efforts to crack down on illegal crypto operations, particularly unlicensed ATM networks that allow users to convert cash into digital currencies.
Regulatory scrutiny on crypto ATMs has been growing worldwide. In August, Germany’s financial regulator conducted a nationwide operation targeting unregistered cryptocurrency ATMs, seizing nearly €250,000 in cash.
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