UK hands down first criminal sentence over illegal crypto ATMs

Olumide Osunkoya, who operated a network of crypto ATMs without regulatory permission, has been sentenced to four years in prison.

An illegal crypto ATM operator has been sentenced to serve four years in prison for operating them — in the UK’s first criminal sentencing for unregistered crypto activity. 

Olumide Osunkoya illegally operated a network of crypto ATMs, which he did without the needed regulatory permission, the Financial Conduct Authority (FCA) said in a Feb. 28 statement.

“This is the UK’s first criminal sentencing for unregistered crypto activity and sends a clear message: those who flout our rules, seek to evade detection and engage in criminal activity will face serious consequences,” said Therese Chambers, joint executive director of enforcement and market oversight at the FCA.

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