The post UK Issues First Criminal Sentence For Running Illegal Crypto ATM Network appeared first on Coinpedia Fintech News
Olumide Osunkoya has been sentenced to four years in prison for illegally running a network of crypto ATMs in the UK without the required regulatory approval, according to the statement from Financial Conduct Authority (FCA) on February 28.
UK’s First Criminal Case for Unregistered Crypto Activity
Notably, this marks the UK’s first criminal case involving unregistered cryptocurrency activity.
“This is the UK’s first criminal sentencing for unregistered crypto activity and sends a clear message: those who flout our rules, seek to evade detection and engage in criminal activity will face serious consequences,” noted Therese Chambers, joint executive director of enforcement and market oversight at the FCA.
The FCA charged Osunkoya on September 10 for operating unregistered crypto ATMs at 28 different locations through his company, GidiPlus L
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