🚀 UK Sentences First Individual For Unregistered Crypto ATM Operations
#UK #CryptoATM #Sentencing #FinancialConductAuthority #FCA #Cryptocurrency #UnregisteredOperations #GidiPlus #LawEnforcement #CryptoRegulation
According to PANews, the UK Financial Conduct Authority (FCA) announced that London resident Osunkoya has been sentenced to four years in prison for operating unregistered cryptocurrency ATMs through his company, GidiPlus Ltd. The operations took place between December 30, 2021, and March 12, 2022, across 28 different locations, involving over £2.5 million. This marks the first sentencing in the UK for unregistered crypto asset activities.
Previously, the FCA collaborated with law enforcement agencies to combat illegal crypto ATM operations nationwide. In 2023, the FCA visited 38 locations and dismantled 30 machines. The number of crypto ATMs advertised on CoinATMRadar in the UK has decreased from over 80 in 2022 to zero in 2024.#UK #CryptoATM #Sentencing #FinancialConductAuthority #FCA #Cryptocurrency #UnregisteredOperations #GidiPlus #LawEnforcement #CryptoRegulation