UK's First Criminal Sentencing for Illegal Crypto ATM Operator

An individual who operated illegal crypto ATMs in the UK has been sentenced to four years in prison, marking the country's first criminal sentencing for unregistered crypto activity. Olumide Osunkoya was found guilty of running a network of crypto ATMs without the necessary regulatory approval, according to the Financial Conduct Authority (FCA). The FCA emphasized that this case sends a strong message to those who disregard regulations and engage in criminal activities. Osunkoya, who pleaded guilty to multiple charges, also faced sentencing for forgery and possession of criminal proceeds obtained through the operation of illicit ATMs. The FCA recently conducted a crackdown on illegal crypto ATMs in collaboration with local law enforcement agencies, resulting in the removal of numerous machines across the country.