The FCA has been actively working with law enforcement to disrupt illegal crypto transactions, resulting in the removal of 30 illegal crypto ATMs from 38 locations in the UK in 2023.

Olumide Osunkoya has been sentenced to four years in prison for operating an unregistered Bitcoin ATM network in the UK between December 2021 and March 2022.

The judge noted that Osunkoya's actions were premeditated and constituted a clear violation of the law, sending a strong message to others engaged in similar illegal activities.

This case marks the first prosecution in the UK for unregistered cryptocurrency activity, as the FCA continues its efforts to combat illegal crypto ATMs.

He managed 28 crypto ATMs through his company, GidiPlus Ltd, which had been denied registration by authorities in 2021.

Osunkoya was also charged with forgery and using false identities to facilitate his operations, with transaction fees ranging from 30% to 60%.

Judge Gregory Perrins characterized Osunkoya's actions as deliberate and calculated, emphasizing their serious defiance of regulatory authority.

Osunkoya was arrested in September 2024 and pleaded guilty to five charges, including fraud-related offenses and possession of criminal property.

The Financial Conduct Authority (FCA) revealed that Osunkoya processed approximately £2.6 million ($3.14 million) through his unlicensed operations.

The court highlighted the deliberate concealment of Osunkoya's illegal activities, indicating that his crimes extended beyond mere regulatory infractions.

The FCA emphasized that Osunkoya's actions violated federal law as he ignored regulatory orders and warnings to cease his operations.

In addition to his prison sentence, the FCA has initiated confiscation proceedings under the Proceeds of Crime Act of 2002 to recover the financial gains from Osunkoya's illegal operations.