Great Britain spends the first criminal conviction to carry out illegal crypto -atm network

Olumide Osunkoya was sentenced to four years in prison because on February 28th, without the necessary official approval, he had illegally operated a network of crypto money machine in Great Britain without the necessary official approval.

Great Britain's first criminal proceedings for non -registered crypto activities

In particular, this is the first criminal proceedings in Great Britain in which the activity of the cryptocurrency is not registered.

“This is the first criminal conviction in Great Britain because of non -registered crypto activities and sends a clear message: Those who make our rules try to discover the discovery and participate in criminal activities will have serious consequences,” said Therese Chambers, joint executive director of the enforcement and market supervision at the FCA.

The FCA calculated Osunkoya on September 10 for the operation of non -registered crypto money machines at 28 different locations via its Gidipiplus LTD company from December 2021 to March 2022. During this time, the ATMs processed 2.6 million GBP (USD 3.14 million).

In addition, Mr. Osunkoya later transferred the Gidipiplus LTD machines and personally worked up to 12 crypto money machines under a wrong name and company to avoid detection.

Crypto money machine operator detained for fraud and money laundering

He also failed to carry out the necessary checks to ensure that the ATMs were not used by criminals to wash the proceeds from the crime. In addition, Mr. Osunkoya was also convicted and convicted of false identity documents using documents and possession of criminal property.

“Her decision to continue to operate illegally was a intentional and calculated despite against the supervisory authority. Her actions were intentionally and carefully planned. It cannot be said that it is a mere regulatory injury,” said judge Gregory Perrin in the conviction of the 46-year-old Osunkoya in Southwark Crown Court in London.

To close the FCA's approach to

Osunkoya's judgment follows an FCA in 2023 with the local police to close illegal crypto money machines. The FCA visited 38 locations, removed 30 machines and saw the number of crypto money machines that were never listed this year in 2022 on Münz -AtM -Radar decline from 80 in 2022.

The FCA continues to warn people that they should be ready to lose all of their money when investing in crypto. Since crypto is mostly not regulated in Great Britain, it has a high risk, as the regulatory authority stated.