Olumide Osunkoya, 46, has been sentenced to four years in prison by London’s Southwark Crown Court for operating a network of illegal cryptocurrency ATMs. This marks the first instance in the UK where an individual has been imprisoned for such an offense. Osunkoya faced charges from the Financial Conduct Authority (FCA), including operating without registration, falsifying documents, and possessing criminal property between December 2021 and September 2023. Despite a previous application refusal by the FCA in 2021, he continued operations under a fictitious identity, processing over £2.5 million through at least 11 machines.
