U.K. Man Jailed for Running Illegal Crypto Cash Machines
- Olumide Osunkoya has been sentenced to four years in prison for running unregistered cryptocurrency ATMs.
- Judge Perrins highlighted that Osunkoya knowingly operated without approval, used false identities, and carefully planned his actions to avoid detection.
- The FCA stressed that cryptocurrency remains very risky and unregulated in the UK, warning investors that they could lose all their money.
A UK court sentenced Olumide Osunkoya to four years in prison on 28 February 2025 for running unregistered cryptocurrency ATMs. The 46-year-old was found guilty of illegal transactions totaling over £2.5 million and related crimes.
The Financial Conduct Authority (FCA) charged Olumide Osunkoya with operating illegal cryptocurrency ATMs, forging documents, and holding criminal property between December 2021 and September 2023.
In 2021, He applied for a licence to operate in the UK, but was denied. The FCA went on to warn him that it is illegal to run the ATMs without proper approval.He ignored the warning and went on to create a fake identity, Yarik Wolnik, to continue operations.
The business was valued at about £2.5 million ($3.2 million) business. The FCA revealed that Osunkoya earned large profits by adding extra charges of 30% to 60% on each transaction. On September 30, 2024, the FCA filed six charges against him.
He pleaded guilty that same month. On February 28, 2025, the court found him guilty of unlicensed crypto operations, document forgery, using false identities, and possessing illegal assets.
Unregistered Crypto ATMs and Legal Penalties
The FCA continues to warn citizens that cryptocurrency is highly volatile, a risky investment and it is still unregulated in the UK. They advised buyers to be ready for potential investment loss.
During sentencing, Judge Perrins stated that Osunkoya knowingly broke the law and deliberately ignored regulations. He also added that the culprit went to the lengths to hide his identity, which further shows that his actions were intentional and well planned other than a simple rule violation.
Therese Chambers, FCAs enforcement director, emphasized that this case shows the first criminal sentence for unregistered crypto operations in the UK and how this is just an example to those attempting to bypass regulations.
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Read more: https://www.tronweekly.com/u-k-man-jailed-for-illegal-crypto-cash-machines/
Text source: TronWeekly
