• Olumide Osunkoya has pleaded guilty to a charge of illegally providing and using a cryptocurrency automated teller machine (ATM).

Olumide Osunkoya, 45, will be sentenced at a later date.

Olumide Osunkoya pleaded guilty to several charges related to the illegal use of #cryptocurrency ATMs in the UK.

45-year-old Osunkoya pleaded guilty when he appeared before Westminster Magistrates' Court. This is the first-ever conviction for illegal use of cryptocurrency ATMs, the Financial Services Authority said in a press release on Sept. 30.

According to the charges, Osunkoya allegedly operated several cryptocurrency ATMs without registering with the FCA: between December 29, 2021 and September 8, 2023, 11 cryptocurrency ATMs processed over $2.6 million in cryptocurrency transactions.

He also allegedly created and used false documents because he was denied FCA authorization in 2021. Thus, he illegally created and provided a network of cryptocurrency ATMs to convenience stores in the country.

prosecutors allege that money laundering may have taken place through these ATMs because Osankuya failed to take proper measures to verify his customers. He was also charged with criminal possession of property.

the court heard evidence that his ATMs were used by people who may have been involved in money laundering and tax evasion, the FCA said in a press release, and that Mr. Osankoya is suspected of making significant profits from this business. Police seized £19,540 in cash from the defendant, which police believe came from an illegal #ATM transaction.

the defendant Osankoya will be sentenced at a later date.

the UK is becoming a cryptocurrency-friendly country, with MPs passing key legislation in an attempt to create a framework for #cryptocurrencies . However, the FCA requires all providers to be strictly registered as part of anti-money laundering measures.

Read us at: Compass Investments