Illegal Crypto ATM Business
46-year-old Olumide Osunkoya was sentenced to four years in prison for operating an illegal business of cryptocurrency ATMs in the UK. His company, GidiPlus, placed these ATMs at multiple sites without valid regulatory approval. The authorities discovered that Osunkoya’s company conducted millions of unregulated crypto transactions, which were exposed to money laundering threats.
FCA Crackdown on Crypto ATMs
The regulators revealed that Osunkoya ran a £2.5 million ($3.2 million) crypto ATM business even after being denied registration by the Financial Conduct Authority (FCA). He was charged by the FCA in September 2024 and pleaded guilty on September 30 to six charges. Investigations found that his ATMs were used heavily for unverified cash-to-crypto conversions, which breached anti-money laundering (AML) regulations.
Criminal Conviction and Sentencing
On February 28, 2025, Osunkoya was convicted by a UK court of unregistered crypto activity, forgery, possession and use of false identity documents, and criminal possession of property. The judge noted that his sophisticated efforts to establish a false identity made his case worse. His sentencing is a major precedent in crypto law enforcement, as regulators seek to stem illegal digital currency transactions.
FCA’s Message to Crypto Operators
This is the first criminal sanction in the UK for unregistered crypto business and sends a clear message: those who ignore our rules, attempt to evade detection, and engage in criminal conduct will be held accountable,” said Therese Chambers, FCA’s executive director of enforcement. She continued to stress the importance of compliance in the crypto world, cautioning that unregistered firms will face increased inspection.
The FCA’s Increased Crackdown
The FCA mandates all digital asset service providers to register and comply with anti-money laundering rules. Osunkoya’s conviction is made at a time when the regulator is stepping up enforcement against illegal crypto activities. The financial regulator has increased surveillance activities and collaborated with law enforcement agencies to identify unlicensed digital asset services.
The FCA’s efforts have reduced crypto ATM presence in the UK to a bare minimum. CoinATMRadar data show the sites dropped from 80 in 2022 to zero in 2024. Meanwhile, over 37,200 crypto ATMs continue to be active worldwide, with the majority of them—29,700—operating in the United States. The action is a reflection of the UK’s grander scheme to encourage regulatory compliance and fight financial crimes involving digital assets.
