Mr Olumide Osunkoya pleaded guilty to 5 offences at today’s hearing at Westminster Magistrates’ Court. This is the first UK conviction of its kind for offences relating to the operation of crypto ATMs.
Mr Osunkoya is due to be sentenced for running multiple crypto ATMs without FCA registration, creating and using false documents, and for possession of criminal property.
Mr Osunkoya illegally operated a network of at least 11 crypto ATMs which processed more than £2.6m in crypto transactions between 29 December 2021 and 8 September 2023.
He continued to operate and grow the crypto ATM network in local convenience shops across the UK despite being refused for registration with the FCA in 2021. Mr Osunkoya completed no customer due diligence or source of funds checks on those who used the crypto ATMs.
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