Olumide Osunkoya pleaded guilty to illegally operating a crypto ATM network that processed £2.6 million ($3.4 million) in transactions without the required registration. The FCA and police conducted raids on his sites in 2022.
Sentencing for the offenses will take place at Southwark Crown Court at a date that will be confirmed.
Olumide Osunkoya pleaded guilty to illegally operating a crypto ATM network, according to a press release by the Financial Conduct Authority by the FCA for running crypto ATMs that processed british pounds 2.6 million in crypto transactions across various locations without having the required registration.
"The court heard evidence that those likely committing money laundering or tax evasion were using his machines," the press release said.. In May last year the FCA alongside the police carried out raids across sites in Exeter, Nottingham and Sheffield. By the end of 2023 itin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
Crypto Atm Money Laundering Tax Evasion Financial Conduct Authority (FCA) Unregistered Business
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