Security

UK sentences man to prison for illegal crypto ATMs

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March 4, 2025

The U.K. has sentenced Olumine Osunkoya to four years in prison for operating a network of crypto ATMs without regulatory permission. He was first charged in Sept. 10, 2024 for running the ATMs at 28 locations without registering with the Financial Conduct Authority, according to a report by Coin Telegraph.

"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," Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said in a statement.

He was also charged with forgery for creating false bank statements as well as using an alias to operate a company. The FCA said he also failed to ensure his ATMs weren't used for money laundering.