In a groundbreaking ruling, the UK Financial Conduct Authority (FCA) has announced that Osunkoya, a London resident, has been sentenced to four years in prison. This sentence stems from his operation of unregistered cryptocurrency ATMs through his business, GidiPlus Ltd. These illicit operations occurred from December 30, 2021, to March 12, 2022, at 28 different locations, accumulating a staggering total of over £2.5 million.
This case is particularly significant as it marks the first sentencing within the UK related to unregistered crypto asset activities. The FCA's concerted efforts to regulate the cryptocurrency space have included active collaboration with law enforcement to eliminate illegal cryptocurrency ATM operations across the nation.
In 2023 alone, the FCA conducted inspections at 38 different locations, resulting in the dismantling of 30 unregistered machines. This proactive approach highlights the agency's commitment to ensuring compliance within the rapidly evolving cryptocurrency market. The landscape for cryptocurrency ATMs in the UK is changing, as evidenced by data from CoinATMRadar.
The number of operational crypto ATMs has dramatically decreased from over 80 in 2022 to a concerning zero in 2024. This decline indicates significant regulatory scrutiny and the challenges faced by operators in navigating compliance within the financial system. As the industry moves forward, the FCA aims to safeguard consumers while addressing the complexities surrounding crypto assets..