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.
The court heard evidence that those likely committing money laundering or tax evasion were using his machines. Mr Osunkoya is suspected to have made substantial profit from the operation.
The court also heard that Mr Osunkoya created a false alias to try and evade FCA rules.
Sentencing for the offences will take place at Southwark Crown Court at a date to be confirmed.
The charges against Mr Osunkoya mark the FCA’s first criminal prosecution relating to unregistered cryptoasset activity under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). These are also the first charges brought against a person accused of running a network of crypto ATMs in the UK.
