Olumide Osunkoya, the operator of many bitcoin ATMs, has pleaded to fraud and money laundering charges in a major judicial case developing in the UK. Under the UK’s money laundering and terrorism funding rules, under control by the Financial Conduct Authority (FCA), this case represents the first prosecution of its type. Without the necessary FCA registration, Osunkoya ran at least 11 cryptocurrency ATMs all throughout the nation.
Osunkoya continued to expand his crypto ATM company despite his failure of his FCA registration application in 2021, managing approximately £2.6 million in cryptocurrency transactions between December 2021 and September 2023. The court showed proof connecting some of the transactions to illicit activity including tax evasion and money laundering.
With his enterprises charging transaction fees ranging from 10% to 60%, Osunkoya made really large profits. Apart from running without permission, he tried to conceal his illicit actions by fabricating credentials and phony name. Authorities also discovered £19,540 in cash, perhaps the earnings from his unregistered ATM network.
Should Osunkoya be found guilty on all counts, he may spend up to 26 years behind bars. Following Osunkoya’s guilty plea, another person—Sally Lavington Osunkoya—had charges dropped. His sentence will be decided upon later on.
This lawsuit emphasizes the FCA’s resolve to expose illicit bitcoin activities. The FCA has been in charge of monitoring crypto companies in the UK to stop money laundering and terrorism funding starting in January 2020. Emphasizing that no licensed operators are present in the nation, the FCA mandated in 2022 the closing of all unregistered crypto ATMs.
