CandleFocus Man Pleads Guilty to Illegally Operating Crypto ATM Network in the UK
2024-09-30
Author: Content Editor
Olumide Osunkoya, a 45-year-old individual, pleaded guilty to operating an illegal crypto ATM network in the UK. This is the first conviction of its kind in the country. Osunkoya was accused of processing £2.6 million ($3.4 million) in crypto transactions without the necessary registration. The Financial Conduct Authority (FCA) stated that evidence presented in court suggested that individuals engaging in money laundering and tax evasion used his machines. Sentencing for the offenses will take place at a later date in Southwark Crown Court. The FCA has been cracking down on illegal crypto ATMs and conducted multiple inspections throughout 2023.
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