Olumide Osunkoy faces prosecution on multiple charges related to the operation of crypto ATMs across the UK. He could spend up to 26 years in jail if convicted of all charges.
The owner of a crypto ATM in the United Kingdom pleaded guilty to multiple charges related to its business operation, including fraud and money laundering charges.
According to a Sept. 30 announcement, Olumide Osunkoya operated at least 11 crypto ATMs across the UK without the required Financial Conduct Authority (FCA) registration, leading to the first prosecution in the country under the money laundering, terrorist financing and transfer of funds regulations.
Between December 2021 and September 2023, the ATMs installed in local convenience stores processed more than £2.6 million (~$3.5 million) in crypto transactions. Evidence presented in court suggested that many of the ATM users were likely involved in money laundering or tax evasion. According to the claims:
