London resident sentenced to 4 years in prison for operating unregistered cryptocurrency ATM
According to the Financial Conduct Authority (FCA) of the United Kingdom, from December 30, 2021 to March 12, 2022, London resident Osunkoya operated unregistered cryptocurrency ATMs at 28 different locations through his company Gidi PlusLtd, with a value of over 2.5 million pounds involved. He was ultimately sentenced to 4 years in prison. This judgment is the first in the UK for unregistered cryptocurrency activities.
Previously, the FCA collaborated with law enforcement agencies to crack down on illegal cryptocurrency ATMs nationwide. In 2023, the FCA visited 38 locations and destroyed 30 machines. The number of cryptocurrency ATMs advertised on UK CoinATMRadar has dropped from over 80 in 2022 to zero in 2024.
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