3-3-2025 – Olumide Osunkoya has been handed a four-year prison sentence for operating unauthorised cryptocurrency ATMs across Britain, marking the first criminal sentencing of its kind in the UK for unregistered crypto activities.
The 46-year-old businessman ran a network of machines at 28 different locations through his firm GidiPlus Ltd between December 2021 and March 2022, processing transactions worth £2.6 million without the required regulatory approval from the Financial Conduct Authority (FCA).
During sentencing at Southwark Crown Court, Judge Gregory Perrins condemned Osunkoya’s actions, stating: “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 this is a mere regulatory breach.”
After regulatory scrutiny intensified, Osunkoya attempted to evade detection by transferring the machines from his registered company and personally operating up to 12 devices under a false identity and fictitious business name. The court heard he also failed to implement essential safeguards against money laundering.
The conviction extends beyond operating unregistered machines, as Osunkoya also admitted to forgery after creating four counterfeit bank statements to satisfy wealth verification checks at a cryptocurrency exchange. Additionally, he was found in possession of £19,540 in cash obtained through his illicit operations.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, emphasised the significance of the case: “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.”
The prosecution follows a coordinated crackdown by the FCA and police forces targeting illegal cryptocurrency machines throughout 2023. The regulatory body visited 38 locations and dismantled 30 machines, with tracking website Coin ATM Radar showing the number of advertised crypto ATMs in Britain dropping from 80 in 2022 to none this year.
The FCA continues to caution the public about cryptocurrency risks, emphasising that digital assets remain largely unregulated in Britain and investors should be prepared for potential total financial loss.
