Olumide Osunkoya was sentenced today to four years in prison for illegal crypto activity worth over £2.5 million and associated offences.

Mr Osunkoya pleaded guilty on 30 September 2024 to 5 charges.

Between 30 December 2021 and 12 March 2022, Mr Osunkoya operated crypto ATMs at 28 different locations via his company, GidiPlus Ltd, despite being refused registration with the UK Financial Conduct Authority (FCA). It is illegal to operate crypto ATMs in the UK without FCA registration.

Mr Osunkoya later transferred the machines from GidiPlus Ltd and personally operated a reduced network of up to 12 crypto ATMs under a false name and company to evade detection.

Mr Osunkoya failed to carry out the necessary checks to ensure that the ATMs were not being used by criminals to launder the proceeds of crime.

Mr Osunkoya was also convicted and sentenced for forgery, using false identity documents, and possessing criminal property.

At the hearing, the FCA requested the court initiate confiscation proceedings under the Proceeds of Crime Act 2002. These proceedings will look to recover any financial benefit Mr Osunkoya obtained as a result of his criminality.

Mr Osunkoya’s sentence is the first for unregistered cryptoasset activity in the UK. It follows the FCA’s operation, working in partnership with law enforcement agencies, to tackle illegal crypto ATMs across the country. In 2023, the FCA visited 38 locations and disrupted 30 machines. The number of crypto ATMs advertised on CoinATMRadar in the UK has fallen from more than 80 in 2022 to nil in 2024.

The FCA continues to warn people that if you buy crypto, you should be prepared to lose all your money. Crypto remains largely unregulated in the UK and is high risk.