A London-based man has been finally sentenced to four years in prison for illegally operating a cryptocurrency ATM network that processed over £2.5 million in transactions.

Olumide Osunkoya, 46, pleaded guilty back in Sept.30, 2024 to five charges, including illegal crypto activity, forgery, using false identity documents, and possessing criminal property. On Feb. 28, he was sentenced by His Honour Judge Perrins, who called his actions “deliberate and carefully planned.”

Between December 30, 2021, and March 12, 2022, Osunkoya operated crypto ATMs at 28 locations through his company, GidiPlus Ltd. 

Despite being refused registration by the Financial Conduct Authority (FCA), he continued to run the machines illegally. In an attempt to evade detection, he later transferred the machines from GidiPlus Ltd. and operated a smaller network of up to 12 ATMs under a false name and company.

The FCA confirmed that Osunkoya failed to carry out proper checks to prevent the ATMs from being used for money laundering and other criminal activities.

The case highlights the FCA’s ongoing crackdown on unregistered crypto activity in the UK. In 2023, the regulator visited 38 locations and disrupted 30 illegal crypto ATMs. As a result, the number of machines listed on CoinATMRadar in the UK dropped from over 80 in 2022 to zero in 2024.

“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.

Following the sentencing, the FCA has requested the court to initiate confiscation proceedings under the Proceeds of Crime Act 2002. This process aims to recover any financial gains Osunkoya obtained through his illegal activities.

The FCA continues to caution consumers about the risks of cryptocurrency. “If you buy crypto, you should be prepared to lose all your money,” the regulator warned, emphasizing that crypto remains largely unregulated in the UK.

Read more: Australia's crypto ATMs grow 30x, ranking 3rd globally behind US