Crypto ATM Kingpin Olumide Osunkoya Pleads Guilty in UK First
Olumide Osunkoya has admitted guilt in Westminster Magistrates’ Court for running a network of illegal cryptocurrency ATMs, marking the UK’s maiden criminal conviction in this murky digital arena.
Unregistered Crypto ATMs Rack Up £2.6 Million in Illegal Transactions
Between December 2021 and September 2023, Osunkoya operated at least 11 crypto ATMs scattered across the UK, mostly hidden inside local convenience stores. Despite a 2021 rejection of his Financial Conduct Authority (FCA) registration, he pushed ahead, processing over £2.6 million without a shred of proper checks.
The court heard how he skipped all customer due diligence, turning his machines into potential hotspots for money laundering and tax evasion.
Fraud, False Documents & Criminal Cash: Charges Laid
- Two counts for operating unregistered crypto ATMs under the Money Laundering Regulations, punishable by up to 2 years in jail or fines.
- Two counts under the Forgery and Counterfeiting Act 1981 for creating and using false documents – carrying up to 10 years behind bars.
- A separate charge for possession of criminal property – £19,540 in cash – with a maximum 14-year sentence.
Evidence revealed Osunkoya used a fake alias to dodge FCA oversight and pocketed fat margins of 10% to 60% per transaction. His company, Gidiplus Ltd, had tried and failed to register with the FCA in 2021, with Osunkoya falsely claiming he’d sold the illicit ATM network to a phantom buyer.
FCA Cracks Down as Sentencing Looms
Osunkoya’s sentencing is pending at Southwark Crown Court. Meanwhile, another accused, Sally Lavington Osunkoya, had charges dropped following his guilty plea.
This landmark case sends a stark warning to crypto operators: the FCA is serious about cracking down on illegal crypto businesses to prevent money laundering and terrorism financing. Since 2020, the FCA has overseen crypto firms, and all crypto ATMs remain illegal in the UK unless properly registered.
The FCA keeps a watchful eye, maintaining a public list of unauthorised crypto businesses to deter scammers and protect consumers.
