Briton convicted of illegal crypto ATM activity
Date: 2025-03-04 Author: Oliver Abernathy Categories: IN WORLD
During the investigation, it was revealed that transactions worth over £2.5 million ($3.2 million) were carried out through these devices from December 2021 to March 2022.
In addition, Osunkoya used forged documents, including fake bank statements and fake IDs, to bypass verification procedures. The court sentenced him to four years in prison.
At the hearing, FCA representatives demanded the confiscation of Osunkoya's illegally obtained income. According to the regulator's representative, the businessman made a significant profit from the operations, receiving between 30% and 60% from each transaction. The FCA noted that this trial set a precedent for the UK regulation of the crypto industry, as it was the first time a prison sentence had been handed down for such activity with crypto ATMs.
Earlier, One Trading CEO Joshua Barraclough criticized the FCA's policy, saying that numerous restrictions create serious obstacles to the development of the crypto sector in the UK.
