TechFlow news, September 30 — According to CoinDesk, the Westminster Magistrates' Court in the UK is handling a case involving the illegal operation of a cryptocurrency ATM network. Olumide Osunkoya, 45, has pleaded guilty to five charges, marking the first conviction in the UK for operating cryptocurrency ATMs. Osunkoya operated multiple unregistered cryptocurrency ATMs, processing transactions amounting to approximately £2.6 million ($3.4 million).
The court stated these ATMs could have been used for money laundering or tax evasion. The UK Financial Conduct Authority (FCA) is intensifying its crackdown on illicit crypto ATMs. The final sentencing will take place at Southwark Crown Court, with the date yet to be determined. The FCA conducted raids on suspicious locations across several cities last year and carried out a total of 34 inspection operations by the end of 2023.
