Mr. Olumide Osunkoya has admitted to five charges at Westminster Magistrates’ Court, marking the UK’s first conviction involving the operation of unregistered crypto ATMs.

Mr. Osunkoya faces sentencing after being convicted of running multiple crypto ATMs without FCA approval, using forged documents, and possessing criminal property.

Operating a network of at least 11 illegal crypto ATMs across the UK, Mr. Osunkoya facilitated over £2.6 million in transactions between December 2021 and September 2023. Despite being denied FCA registration in 2021, he expanded his operation, primarily through local convenience stores, without conducting essential customer due diligence or verifying the source of funds.

The court heard that his machines were likely used for money laundering and tax evasion, enabling substantial profits for Mr. Osunkoya. Additionally, he allegedly created a false identity to circumvent FCA regulations.

Sentencing is scheduled to take place at Southwark Crown Court, with a date yet to be determined.