In a landmark case, Olumide Osunkoya has pleaded guilty to operating an illegal network of cryptocurrency ATMs across the United Kingdom, marking the first conviction of its kind in the country. The 45-year-old London resident admitted to five offenses at Westminster Magistrates' Court today (Monday), including running unregistered crypto ATMs, creating false documents, and possessing criminal property.

Crypto ATM: First UK Conviction Shakes Industry

The , the UK's financial watchdog, brought charges against Osunkoya for operating at least 11 crypto ATMs without proper registration. These machines processed over £2.6 million ($3.2 million) in transactions between December 2021 and September 2023.

According to court evidence, Osunkoya continued to expand his network of crypto ATMs in local convenience shops across the UK, despite being denied FCA registration in 2021. The machines were operated without conducting any customer due diligence or source of funds checks, potentially facilitating and tax evasion.

“Our message today is clear. If you're illegally operating a crypto ATM, we will stop you,” commented Therese Chambers, joint executive director of enforcement and market oversight at the FCA. “If you're using a crypto ATM, you are handing your money directly to criminals.”

Her comment appeared a few weeks ago when the FCA first reported that it had charged a 45-year-old with operating an illegal cryptocurrency business.

The court heard that Osunkoya likely profited substantially from the illegal operation, with transaction margins ranging from 10% to 60%. In an attempt to evade FCA rules, he allegedly created a false alias and falsely claimed to have sold the ATM network to a non-existent individual.