🇬🇧 Breaking news from the UK: Crypto ATM owner pleads guilty to fraud and money laundering! 🚨

- Olumide Osunkoya operated 11 crypto ATMs without registering with the FCA, leading to the first ever prosecution for money laundering and terrorist financing.

- Between December 2021 and September 2023, the ATMs processed more than £2.6 million (~$3.5 million) in crypto transactions, with many users suspected of money laundering or tax evasion.

- Osunkoya made a large profit from transaction fees, ranging from 10% to 60%.

- He also created false identities and forged documents to evade regulations.

If convicted of the maximum sentence, Osunkoya could face 26 years in prison. The trial will take place later.

The FCA warns: "Using crypto ATMs is a direct way to give money to criminals." 💸

What do you think about this? Share your thoughts below! 👇#CryptoNews#Blockchain#Finance#BTC