The owner of cryptocurrency ATMs in the United Kingdom, Olumide Osunkoya, has been found guilty of fraud and laundering more than £2.6 million through 11 illegal ATMs without FCA registration. He faces up to 26 years in prison 💰

Olumide Osunkoya, a UK-based crypto ATM operator, has pleaded guilty to multiple charges, including fraud and money laundering. Operating 11 crypto ATMs across the UK without Financial Conduct Authority (FCA) registration, Osunkoya could face up to 26 years in prison. His ATMs processed over £2.6 million ($3.5 million) in transactions between December 2021 and September 2023, with many users suspected of money laundering or tax evasion. Despite being refused registration, he continued his operations and allegedly falsified documents to evade detection. Sentencing is pending.