A crypto ATM owner in the UK has reportedly pleaded guilty to multiple charges related to his business operations, including fraud and money laundering. Olumide Osunkoya operated at least 11 crypto ATMs without the required Financial Conduct Authority (FCA) registration. This is the first prosecution under money laundering and terrorist financing regulations in the country.

Between December 2021 and September 2023, ATMs installed at local convenience stores processed more than £2.6 million in crypto transactions. Evidence presented in court suggested that many ATM users were involved in money laundering or tax evasion.

The FCA said Osunkoya attempted to evade the regulations by using false identification and documents. If the maximum sentences for all charges are imposed, he could face up to 26 years in prison.

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