Alerts Sign-up
Therese Chambers, joint executive director of enforcement at the Financial Conduct Authority (FCA), said that the sentencing of Olumide Osunkoya marks the UK's first criminal conviction for unregistered crypto activity. The statement was made in a press release on February 28.
"This is the UK's first criminal sentencing for unregistered crypto activity and sends a clear message," said Chambers, Joint Executive Director of Enforcement and Market Oversight. "those who flout our rules, seek to evade detection and engage in criminal activity will face serious consequences."
In a landmark case, London-based entrepreneur Olumide Osunkoya, 46, received a four-year prison sentence for operating unregistered cryptocurrency ATMs across the UK. Between December 2021 and March 2022, Osunkoya's company, GidiPlus Ltd, managed 28 crypto ATMs without necessary FCA registration, processing transactions totaling approximately £2.5 million. This conviction underscores the UK's stringent stance on unregulated crypto activities and represents the first criminal sentencing for such offenses in the country, according to the FCA.
