UK's First Conviction For Illegal Cryptocurrency ATM Operation

According to PANews, Olumide Osunkoya, 45, has admitted to operating an illegal cryptocurrency ATM network in the United Kingdom, marking the first conviction of its kind in the country. Osunkoya pleaded guilty to five charges at Westminster Magistrates' Court, involving the unregistered operation of multiple cryptocurrency ATMs, which facilitated transactions worth approximately £2.6 million ($3.4 million). The court indicated that these ATMs could have been used for money laundering or tax evasion. The Financial Conduct Authority (FCA) has intensified its crackdown on illegal cryptocurrency ATMs and plans to sentence Osunkoya at Southwark Crown Court, with the date yet to be determined.