A London man has been sentenced to 4 years in prison for operating an unregistered crypto ATM, marking the first case of its kind in the UK

2025-03-01 08:49:30

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ChainCatcher message: According to an announcement from the Financial Conduct Authority (FCA) in the UK, between December 30, 2021, and March 12, 2022, London resident Osunkoya operated unregistered cryptocurrency ATMs at 28 different locations through his company GidiPlus Ltd, with a value exceeding £2.5 million. He was ultimately sentenced to 4 years in prison. This ruling marks the first time in the UK that someone has been sentenced for unregistered crypto asset activities.

Previously, the FCA collaborated with law enforcement agencies to crack down on illegal crypto ATMs nationwide. In 2023, the FCA visited 38 locations and dismantled 30 machines. The number of crypto ATMs advertised on CoinATMRadar in the UK has decreased from over 80 in 2022 to zero in 2024.

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