Unregistered Crypto ATMs Cost UK Man Four Years in Jail

Osunkoya operated a network of illegal crypto machines without approval from the UK Financial Conduct Authority (FCA).

According to the FCA's February 28 statement, Osunkoya ran his business, GidiPlus Ltd, between December 2021 and March 2022, installing crypto ATMs in 28 locations across the country. These machines processed around £2.6 million ($3.14 million) in transactions.

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Despite regulations requiring all crypto ATM operators to register with the FCA, Osunkoya continued his operations without authorization.

He attempted to avoid detection by transferring ownership of the machines from GidiPlus to himself. He also used a fake name and company to keep running up to 12 of the ATMs. The FCA also found that Osunkoya failed to ensure the machines were not being used for money laundering.

Osunkoya was officially charged on September 10, 2024, for running unregistered ATMs. Later that month, on September 30, he pleaded guilty to five offenses, including operating without FCA approval, falsifying four bank statements to pass a financial check at a crypto exchange, creating a company under a fake identity, and possessing criminal property—£19,540 ($24,567) in cash obtained through illegal transactions.

During sentencing at Southwark Crown Court, Judge Gregory Perrins criticized Osunkoya’s actions, stating:

Your decision to continue to operate illegally was an act of deliberate and calculated defiance to the regulator.

Meanwhile, Illinois Senator Dick Durbin recently introduced a bill called the Crypto ATM Fraud Prevention Act. What does it entail? Read the full story.