Olumide Osunkoya, the owner of crypto ATM company GidiPlus, has been sentenced to four years in prison for running an unregistered cryptocurrency ATM business in the UK. Despite being denied registration by the Financial Conduct Authority (FCA), Osunkoya set up a £2.5 million ($3.2 million) crypto ATM business and installed machines at various locations. He pleaded guilty to six charges, including unregistered crypto activity and possession of false identity documents. Osunkoya operated his illegal business between December 2021 and March 2022, charging high markup fees on transactions. The FCA sees this as the UK's first criminal sentencing for unregistered crypto activity and emphasizes its commitment to cracking down on illegal crypto operations. The number of UK crypto ATM locations has dropped to zero following the FCA's crackdown.



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