Sunday, June 15, 2025
Blockchain Viral
  • Home
  • Viral Videos
  • Viral News
  • Cryptocurrency Marketcap
No Result
View All Result
Blockchain Viral
  • Home
  • Viral Videos
  • Viral News
  • Cryptocurrency Marketcap
No Result
View All Result
Blockchain Viral
No Result
View All Result
Home Blockchain Justice

Man pleads guilty in UK’s first illegal crypto ATM conviction

Blockchain Viral by Blockchain Viral
9 months ago
in Blockchain Justice
0
Man pleads guilty in UK’s first illegal crypto ATM conviction
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Olumide Osunkoya pleaded guilty to UK FCA charges of illegal offer and use of cryptocurrency automated teller machines (ATMs)
The 45-year-old Osunkoya will be sentenced at a later date

A 45-year-old man has pleaded guilty to several charges involving the illegal operation of cryptocurrency automated teller machines in the UK.

Olumide Osunkoya appeared before the Westminster Magistrates’ Court, marking the first-ever conviction related to illegal crypto ATM operations. In a press release from the UK’s Financial Conduct Authority (FCA), Osunkoya pleaded guilty to five charges.

Illegal crypto ATM operation

Among charges, Osunkoya allegedly ran several crypto ATMs without registering with the FCA. The 11 crypto teller machines processed over $2.6 million in cryptocurrency transactions between December 29, 2021 and September 8, 2023.

He also reportedly created and used false documents, having been denied FCA approval in 2021. In this way, Osunkoya illegally set up and offered a crypto ATM network across convenience shops in the country.

Osunkoya didn’t conduct due customer diligence measures and the prosecution alleged potential money laundering via the machines. He also faced charges of criminal property possession.

“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 FCA said in the press release.

Police seized £19,540 in cash from the accused, which law enforcement believe are proceeds from the illegal ATM operation.

Osunkoya will be sentenced at a later date.

The UK has increasingly opened up as a crypto-friendly country, with key bills passed as lawmakers eye a crypto framework. However, the FCA has required strict registration of all providers amid anti-money laundering measures.

In 2023, the FCA undertook 34 nationwide inspections as it continued its crackdown on illegal crypto ATMs.

Share this articleCategoriesTags



Source link

Tags: ATMconvictioncryptoguiltyillegalManpleadsUKs
Previous Post

AI Safety Bill Vetoed by California Governor Gavin Newsom

Next Post

Kasikornbank to launch Thailand’s first licensed digital asset custodian

Next Post
Ripple/XRP-CEO/Mastercard?, Blackrock & Ripple Race For T,New Fears-USD Verge Of Total Collapse

Ripple/XRP-CEO/Mastercard?, Blackrock & Ripple Race For $16T,New Fears-USD Verge Of Total Collapse

Channels

Advertise Here?

Blockchain Viral

Blockchain Viral brings you the latest in crypto news and trends, featuring top YouTube videos from leading crypto influencers. Stay informed on blockchain updates, market insights, and everything happening in the world of cryptocurrency

  • About Us
  • Advertise with Us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact Us

Copyright © 2024 Blockchain Viral.
Blockchain Viral is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Viral Videos
  • Viral News
  • Cryptocurrency Marketcap

Copyright © 2024 Blockchain Viral.
Blockchain Viral is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In