In a landmark case the Financial Conduct Authority (FCA) secured its first conviction for illegal crypto ATM operation in the UK, underscoring the importance of compliance with financial regulations. Olumide Osunkoya, a 46-year-old entrepreneur, was sentenced on Friday 28th February 2025 to four years in prison for operating an unregistered network of cryptocurrency ATMs across the UK. Despite being denied registration by the FCA, Osunkoya processed over £2.5 million in transactions between December 2021 and March 2022 through his company, GidiPlus Ltd.
These are the first charges to be brought under the Money Laundering, Terrorist Financing and Transfer of Funds Regulation 2017. The FCA has been actively cracking down on illegal crypto ATMs, visiting 38 locations and disrupting 30 machines in 2023.
187 Chamber’s Yasmin Punjani was part of the FCA’s legal and investigative team that successfully brought these proceedings.