365Crypto
Illegal Crypto ATM Network
Olumide Osunkoya, the operator of several unregistered crypto ATMs across the UK, has pleaded guilty to charges of fraud and money laundering. He ran at least 11 machines without approval from the Financial Conduct Authority (FCA), processing over £2.6 million (about $3.5 million) in crypto transactions between December 2021 and September 2023.
FCA Regulation Violation
Osunkoya continued operating the ATMs even after his application for registration was denied by the FCA in 2021. The FCA has been responsible for supervising anti-money laundering and anti-terrorist financing in the crypto industry since January 2020. Many of the ATM users were suspected of engaging in illegal activities, such as money laundering or tax evasion.
High Transaction Fees and Profit
The court found that Osunkoya charged transaction fees between 10% and 60%, making significant profits. He also attempted to hide his illegal activities by using a fake name and creating fraudulent documents.
Penalties and Charges
Osunkoya could face up to 26 years in prison if convicted on all charges. Additionally, he was found with £19,540 (around $26,000) in cash, believed to be the profits from his illegal ATM operations. The sentencing is yet to be determined.
