The Financial Conduct Authority has secured its first conviction for illegal crypto ATM operation in the UK. Olumide Osunkoya pleaded guilty to five offences at Westminster Magistrates’ Court on Monday (30 Sept).

The first person charged with illegally running a crypto ATM network has pleaded guilty after the Financial Conduct Authority brought a case against him earlier this month. Olumide Osunkoya pleaded guilty today to five offences at Westminster Magistrates’ Court,

Olumide Osunkoya pleaded guilty to illegally operating a crypto ATM network, according to a press release by the Financial Conduct Authority (FCA) on Monday. This marks the first U.K. conviction for running a crypto ATM operation. Osunkoya, 45, pleaded guilty to five offenses at a hearing held on Monday at Westminster Magistrates’ Court.

In the UK's first conviction for illegal crypto ATM operations, Olumide Osunkoya pleaded guilty to running an unauthorized network that processed over £2.6 million in transactions, highlighting the country's efforts to regulate cryptocurrency activities and combat financial crimes.

The owner of a crypto ATM in the United Kingdom pleaded guilty to multiple charges related to its business operation, including fraud and money laundering charges. According to a Sept. 30 announcement,

Olumide Osunkoya pleaded guilty to FCA charges of illegal offer and use of cryptocurrency automated teller machines (ATMs). The 45-year old Osunkuya will be sentenced at a later date. Olumide Osunkoya has pleaded guilty to several charges involving the illegal operation of cryptocurrency automated teller machines in the UK.

Olumide Osunkoya pleaded guilty to illegally operating crypto ATMs across the UK, despite being refused registration by the FCA in 2021.