Olumide Osunkoya was sentenced to 4 years in prison for illegal cryptocurrency activities totaling £2.5 million and violating FCA regulations in the UK

Olumide Osunkoya, 46 years old, was sentenced on February 28, 2025, to 4 years in prison for illegal cryptocurrency activities totaling more than £2.5 million. He pleaded guilty to operating crypto-ATMs without registration with the FCA from December 30, 2021, to March 12, 2022. After being denied registration, he continued operating the machines under a false identity. Osunkoya did not check the use of his machines for money laundering. He was also convicted of document forgery and possession of criminal property. This is the first case of criminal punishment for illegal crypto activity in the UK.