Owner of unlicensed UK crypto ATM network faces criminal charges

The FCA is throwing the book at the head of GidiPlus Limited for operating an ATM network after being denied registration.

The United Kingdom’s Financial Conduct Authority (FCA) has pressed criminal charges against Olumide Osunkoya for running a network of cryptocurrency automatic teller machines (ATMs). Osunkoya is the first person charged in the United Kingdom for operating a network of crypto ATMs, the FCA said.

According to the FCA, Osunkoya’s ATM network processed 2.6 million British pounds ($3.4 million) of crypto transactions between Dec. 29, 2021, and Sept. 8, 2023. Osunkoya is accused of two violations of the UK’s so-called Money Laundering Regulations (MLRs), known more fully as the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

Osunkoya is also being charged with two offenses under the Forgery and Counterfeiting Act 1981 for creating and using false documents and one count of possession of criminal property under the Proceeds of Crime Act 2002.

The FCA is throwing the book at the head of GidiPlus Limited for operating an ATM network after being denied registration.
The United Kingdom’s Financial Conduct Authority (FCA) has pressed criminal charges against Olumide Osunkoya for running a network of cryptocurrency automatic teller machines (ATMs). Osunkoya is the first person charged in the United Kingdom for operating a network of crypto ATMs, the FCA said.According to the FCA, Osunkoya’s ATM network processed 2.6 million British pounds ($3.4 million) of crypto transactions between Dec. 29, 2021, and Sept. 8, 2023. Osunkoya is accused of two violations of the UK’s so-called Money Laundering Regulations (MLRs), known more fully as the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.Osunkoya is also being charged with two offenses under the Forgery and Counterfeiting Act 1981 for creating and using false documents and one count of possession of criminal property under the Proceeds of Crime Act 2002.Read more