CandleFocus FCA Secures First Conviction for Illegal Crypto ATM Operation in UK
2024-10-01
Author: Content Editor
Olumide Osunkoya, an individual in the UK, has pleaded guilty to running an illegal crypto ATM network. Despite being denied registration by the UK Financial Conduct Authority (FCA), Osunkoya operated at least 11 crypto ATMs that processed over £2.6 million in cryptocurrency transactions. This case is the first conviction of its kind under the UK's anti-money laundering laws. Osunkoya also faces charges for creating false documents and possessing criminal property. His sentencing, where he could receive up to 14 years in prison, is pending at Southwark Crown Court. The FCA emphasized that there are currently no legal crypto ATM operators in the UK.
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