The United Kingdom has handed down its first-ever criminal sentence for unregistered cryptocurrency activity. Olumide Osunkoya, a 46-year-old businessman, has been sentenced to four years in prison for illegally operating a network of cryptocurrency ATMs without regulatory approval.
Olumide Osunkoya, who illegally operated crypto ATMs via his company, GidiPlus Ltd, has been sentenced to 4 years in prison for illegal crypto activity worth over £2.5m.
— Financial Conduct Authority (@TheFCA) February 28, 2025
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Osunkoya ran GidiPlus Ltd, a company that installed and operated crypto ATMs at 28 locations across the UK. From December 2021 to March 2022, these machines processed an estimated £2.6 million ($3.14 million) in crypto transactions.
Despite being denied registration by the Financial Conduct Authority (FCA), Osunkoya continued running the machines. When authorities started cracking down, he attempted to evade detection by transferring the ATMs from his company to a personal alias and a fake business.
More Than a Regulatory Breach
The Southwark Crown Court found Osunkoya guilty on five counts, including:
- Operating unregistered crypto ATMs
- Forgery (creating false bank statements to pass wealth checks)
- Using a fake identity to establish a company
- Possessing criminal property (£19,540 in cash from illicit ATM transactions)
Judge Gregory Perrins emphasized that Osunkoya’s actions were “deliberate and carefully planned,” adding that his defiance of financial regulations could not be seen as a mere oversight.
Osunkoya’s conviction is part of the FCA’s broader crackdown on illegal crypto ATMs. Since 2023, the regulator has been working with local police to shut down unlicensed crypto teller machines, leading to a sharp decline in their numbers.
In 2022, the Coin ATM Radar website listed 80 crypto ATMs in the UK. Today, that number has dropped to zero, highlighting the FCA’s success in removing unauthorized crypto services.
The FCA warns that unregistered crypto businesses will face serious legal consequences. As the regulator continues to enforce compliance, the message is clear: unauthorized crypto operations will not be tolerated.
For UK-based crypto investors, this case is a reminder of the risks associated with unregulated platforms. The FCA has repeatedly advised that crypto remains a high-risk, largely unregulated sector, and investors should be prepared to lose all their money when engaging in crypto transactions.
With Osunkoya’s sentencing setting a legal precedent, authorities are signaling a tougher stance on crypto regulations moving forward.
Kataryna Habeliia
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