U.K. man sentenced to 4 years for illegal crypto ATM operation

Olide Osunkoya was sentenced to four years in prison for automated cryptocurrency cashier machines in the United Kingdom.

The 46-year-old man faced charges related to the execution of automatic distributors of crypto tickets through his business, Gidiplus, with machines installed in several places across the United Kingdom.

According to the authorities, Osunkoya has created an ATM cryptographic activity of 2.5 million pounds Sterling ($ 3.2 million) despite its registration for the Authority Conduct. The FCA Loads deposited against him in early September 2024, and he guilty to six charges on September 30, 2024.

On February 28, the court condemned him of unregistered cryptographic activity, counterfeiting, possession and use of false identity documents and possession of criminal goods.

Documents revealed that Osunkoya operated its unregistered cryptographic activities between December 2021 and March 2022. The FCA noted that it had made significant profits, invoicing marking costs between 30% and 60% on transactions.

“Your decision to continue to operate illegally was an act of deliberate challenge and calculated to the regulator,” said his honorary judge Perrins during the conviction.

The judge also noted that Osunkoya went “great lengths to create a false identity”, making his case more than a simple regulatory violation.

“This is the first criminal condemnation of the United Kingdom for an unregistered cryptographic activity and sends a clear message: those who flout our rules, seek to escape detection and engage in criminal activities will face serious consequences,” said Therese Chambers, executive director of the FCA application.

Osunkoya’s guilt arrest comes as FCA seeks to intensify its repression against operations and services related to illegal cryptography.

The Watchdog of the Financial Markets obliges all suppliers seeking to offer digital asset services and products in the country to register. The FCA also requires suppliers to adhere to anti-flower directives and controls, a fact that the agency claims that the crypto automatic counter supplier has failed to comply.

According to the market regulator, its repression on the illegal Crypto Teller machines saw the number of locations of the British cryptographic ATM on Coinatmradar falling from 80 in 2022 to zero in 2024. Details on the CoinatMradar website shows that there are currently more than 37,200 automatic distributors of crypto tickets in 69 countries. Most of these machines are installed in the United States, which has more than 29,700 locations.