The UK Financial Conduct Authority (FCA) has filed criminal charges against Olumide Osunkoya for running an illegal network of cryptocurrency ATMs. This is the first time someone in the UK has been charged for operating a crypto ATM network. The FCA revealed that the network handled £2.6 million ($3.4 million) worth of transactions between December 2021 and September 2023.
Olumide Osunkoya, the director of Gidiplus Limited, is facing charges under the UK’s Money Laundering Regulations (MLRs), the Forgery and Counterfeiting Act 1981, and the Proceeds of Crime Act 2002. He is accused of using fake documents, facilitating money laundering, and managing illicit cryptocurrency transactions.
Osunkoya’s case was announced in September 2023, with his court appearance scheduled for September 30, 2023. His charges follow the FCA’s ongoing efforts to shut down illegal cryptocurrency ATMs, which began in 2022.
The illegal operations took place across the United Kingdom. Osunkoya’s company, Gidiplus Limited, specializes in crypto ATM services but was operating without the required legal registration. In March 2022, the FCA ordered the shutdown of all unregistered crypto ATMs in the country, resulting in no legally operating machines.
The FCA is charging Osunkoya for breaching financial laws designed to prevent money laundering and financial crimes. The regulator has taken a firm stance on crypto ATMs, citing concerns that they provide opportunities for criminals to move funds globally without detection.
Osunkoya’s crypto ATM network allegedly processed millions of pounds in transactions without complying with regulatory standards. In addition to violations under the MLRs, Osunkoya is being charged with using forged documents and possession of criminal property. Despite applying for registration as a crypto asset exchange provider in 2021, Gidiplus Limited’s application was denied, and an appeal was unsuccessful.
This case is part of the FCA’s broader crackdown on illegal crypto activities in the UK. The FCA has warned that unregulated crypto ATMs can easily be exploited by criminals, and it continues to take action against operators who fail to comply with UK regulations.
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