A man in the UK has pleaded guilty to charges of money laundering related to his cryptocurrency ATM business, marking the country's first case involving illegal crypto ATM activities.
According to a September 30 press release, Olumide Osunkoya had been running 11 crypto ATMs in local convenience shops across the UK without the required approval from the Financial Conduct Authority (FCA).
As of now, no crypto ATMs in the UK are legally operational after the FCA ordered their shutdown in March 2022.
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Between December 2021 and September 2023, Osunkoya's ATMs handled over £2.6 million ($3.47 million) in cryptocurrency transactions. Prosecutors presented evidence indicating that many of these transactions were likely used for laundering money or avoiding tax obligations.
Osunkoya allegedly made large profits from his ATMs, charging transaction fees as high as 60%. Authorities have confiscated £19,540 (approximately $26,000) in cash, believed to be earnings from his illegal activities. Additionally, he is accused of using false documents to hide his activities.
Osunkoya now faces a potential prison sentence of up to 26 years, with the sentencing date still to be confirmed.
In other news, Germany has also recently taken action against unregistered crypto ATMs, seizing 13 machines and confiscating nearly $28 million in cash.
