According to TechFlow, on September 30, the Westminster Magistrates’ Court in the UK heard a case involving the illegal operation of a cryptocurrency ATM network. Olumide Osunkoya, 45, pleaded guilty to five counts, becoming the first case in the UK to be convicted for operating a cryptocurrency ATM.
Osunkoya is understood to have operated several unregistered cryptocurrency ATMs, which were used to transact approximately £2.6 million ($3.4 million). The court said the ATMs could have been used for money laundering or tax evasion.
The UK Financial Conduct Authority (FCA) is stepping up its crackdown on illegal cryptocurrency ATMs. The case will be finally sentenced at Southwark Crown Court, and the specific date has not yet been determined. The FCA has conducted surprise inspections on suspicious places in several cities last year, and a total of 34 inspections were carried out by the end of 2023.
