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News sources report that Olumide Osunkoya has assumed responsibility for many crimes linked to operating an illegal ATM network of crypto machines across the United Kingdom. This case is allegedly the first-ever conviction in the UK for running an unregistered crypto ATM. According to the Financial Conduct Authority (FCA), Osunkoya’s activities powered transactions worth £2.6 million, evading necessary registration requirements. 
<h2 id="b-first-trial-for-the-illegal-atm-network-b">First Trial for the Illegal ATM Network</h2> 
The case was reportedly taken to Westminster Magistrates’ Court, where Osunkoya admitted to running several illegal ATMs without FCA registration. Surplus charges comprised the use of fabricated documents and acquiring criminal property.&nbsp; 
FCA has been responsible for ensuring compliance with anti-money laundering by UK crypto businesses since January 2020. The body stressed the significance of registration for the legal operation of crypto ATMs. Sources report that, at the moment, no crypto ATMs in the UK follow the <a href="https://www.fca.org.uk/" rel="nofollow noopener" target="_blank">FCA’s </a>regulatory standards. 
Osunkoya had at least 11 cryptocurrency ATMs sparse across the UK, sources reveal. His network ran more than £2.6 million in transactions between December 2021 and September 2023, even though the FCA disapproved his registration application in 2021. After his application was rejected, Osunkoya still continued to manage the machines in several convenience stores, going against rules against financial crimes. 
<figure id="attachment_20449" aria-describedby="caption-attachment-20449" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-20449" src="https://www.turkishnyradio.com/wp-content/uploads/2024/09/DALL·E-2024-09-30-13.25.29-A-dark-themed-landscape-image-representing-a-UK-man-convicted-for-running-an-illegal-ATM-crypto-network.-The-focus-is-on-an-ATM-machine-displaying-cry.webp" alt="UK Man Convicted for Running a £2.6M Illegal ATM Network" width="1792" height="1024" title="UK Man Convicted for Operating Illegal ATM Network and Moving £2.6 Million 25" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/09/DALL·E-2024-09-30-13.25.29-A-dark-themed-landscape-image-representing-a-UK-man-convicted-for-running-an-illegal-ATM-crypto-network.-The-focus-is-on-an-ATM-machine-displaying-cry.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/09/DALL·E-2024-09-30-13.25.29-A-dark-themed-landscape-image-representing-a-UK-man-convicted-for-running-an-illegal-ATM-crypto-network.-The-focus-is-on-an-ATM-machine-displaying-cry-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/09/DALL·E-2024-09-30-13.25.29-A-dark-themed-landscape-image-representing-a-UK-man-convicted-for-running-an-illegal-ATM-crypto-network.-The-focus-is-on-an-ATM-machine-displaying-cry-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px">
 <figcaption id="caption-attachment-20449" class="wp-caption-text">
 UK Man Convicted for Running a £2.6M Illegal ATM Network
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</figure> 
These illegal ATMs were supposedly used to convert cash into cryptocurrency without the necessary verification processes like diligence checks or investigations about the source of money. 
<h2 id="b-illegal-atm-operations-brought-to-justice-b">Illegal ATM Operations Brought to Justice</h2> 
The FCA allegedly said that evidence shown in court reflected Osunkoya’s efforts to circumvent compliance by crafting a fake identity. His main objective was financial benefits, as the transaction margins in his illicit network allegedly went from 10% to 60%. Authorities uncovered £19,540 in cash in their investigation, which they claim stemmed from Osunkoya’s unregistered ATM operations. 
The charges that Osunkoya is now facing comprise operating crypto ATMs without FCA registration, making fake documents, and possessing criminal property. He is looking at strict penalties, including prison sentences, hefty fines, or both. His final sentence is expected to be held at Southwark Crown Court, with an unconfirmed date.&nbsp; 
This case has revealed that the plight of illegal ATM operations is not confined to the UK. In August 2023, German authorities reportedly held a similar crackdown against unauthorized crypto ATMs. On August 20, 2023, the Federal Financial Supervisory Authority (BaFin) led a huge operation that led to 13 crypto ATMs being seized along with the alleged confiscation of almost $28 million in cash. This case was scattered across 35 locations in Germany and was found to be a part of BaFin’s efforts to mitigate the risks of money laundering done through unregistered crypto ATMs. 
Illegal ATM networks not only bypass financial rules but also endanger the users. Without regulatory surveillance, these ATMs can provide an easy way to do money laundering, tax evasion, and other unlawful activities. Both the FCA and BaFin have reflected upon the importance of registration and compliance when operating crypto ATMs legally. 
<figure id="attachment_20451" aria-describedby="caption-attachment-20451" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-20451" src="https://www.turkishnyradio.com/wp-content/uploads/2024/09/growtika-3C0SWyusdS8-unsplash-1-scaled.jpg" alt="UK Man Convicted for Running a £2.6M Illegal ATM Network" width="2560" height="1440" title="UK Man Convicted for Operating Illegal ATM Network and Moving £2.6 Million 26" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/09/growtika-3C0SWyusdS8-unsplash-1-scaled.jpg 2560w, https://www.turkishnyradio.com/wp-content/uploads/2024/09/growtika-3C0SWyusdS8-unsplash-1-768x432.jpg 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/09/growtika-3C0SWyusdS8-unsplash-1-1536x864.jpg 1536w, https://www.turkishnyradio.com/wp-content/uploads/2024/09/growtika-3C0SWyusdS8-unsplash-1-2048x1152.jpg 2048w" sizes="(max-width: 2560px) 100vw, 2560px">
 <figcaption id="caption-attachment-20451" class="wp-caption-text">
 UK Man Convicted for Running a £2.6M Illegal ATM Network
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</figure> 
<h2 id="b-conclusion-b">Conclusion</h2> 
To conclude, Olumide Osunkoya’s conviction for running an illegal ATM network in the UK is a historic case in the battle against unauthorized crypto services. His case denotes the significance of complying with regulatory requirements and shows the potential legal outcomes for those who look for ways to evade them. It is a wake-up call for authorities across the globe to take stricter measures to safekeeping the citizens against such fraudsAs global authorities take more austere measures to regulate the crypto arena, cases like this present a precedent of the risks and penalties that come for people working outside the law. Learn more about crypto frauds with <a href="https://www.turkishnyradio.com/">TurkishNYRadio</a>.&nbsp; 
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UK Man Convicted for Operating Illegal ATM Network and Moving £2.6 Million

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