First Crypto ATM Criminal Case: UK Man Sentenced to 4 Years in Prison!

Olumide Osunkoya has been sentenced to four years in prison for illegally operating a network of cryptocurrency ATMs in the UK without regulatory approval, the Financial Conduct Authority (FCA) announced on February 28.

This is the UK’s first criminal conviction for unregistered crypto activity.

First Crypto ATM Conviction in the UK

“This is the UK’s first criminal sentencing for unregistered crypto activity and sends a clear message: those who flout our rules, seek to evade detection and engage in criminal activity will face serious consequences,” noted Therese Chambers, joint executive director of enforcement and market oversight at the FCA.

The FCA charged Osunkoya on September 10 for running unregistered crypto ATMs at 28 locations through his company, GidiPlus Ltd, from December 2021 to March 2022. During this time, the ATMs processed £2.6 million ($3.14 million).

Evading Authorities with Fake Identities

When regulators began cracking down, Osunkoya tried to avoid detection by moving the ATMs from GidiPlus Ltd and personally operating up to 12 machines under a false name and company.

He also failed to perform checks to prevent criminals from using the ATMs for money laundering. Along with running unregistered crypto ATMs, Osunkoya was convicted of forgery, using false identity documents, and possessing criminal property.

‘Your decision to continue to operate illegally was an act of deliberate and calculated defiance to the regulator… Your actions were deliberate and carefully planned… It cannot be said that it is a mere regulatory breach,” remarked Judge Gregory Perrins in sentencing the 46-year-old Osunkoya at Southwark Crown Court in London.

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FCA’s Crackdown on Illegal Crypto ATMs

Osunkoya’s sentencing follows a 2023 FCA crackdown, in collaboration with local police, to shut down illegal crypto ATMs. The FCA visited 38 locations, removed 30 machines, and saw the number of listed crypto ATMs in the UK drop from 80 in 2022 to none in 2024.

The FCA continues to warn investors about the risks of crypto, emphasizing that the industry remains mostly unregulated in the UK and that investors should be prepared to lose all their money.