First Crypto ATM Case in Court

In the first case involving cryptoasset exchange providers or crypto ATMs to reach the UK courts, Olumide Osunkoya pleaded guilty on 30 September 2024 at Westminster Magistrates’ Court to offences under the Money Laundering Regulations 2017.

Mr Osunkoya was a director of a company which operated a network of crypto ATMs into which customers would feed banknotes in exchange for Bitcoin. Over £2.6 million in cash was received into 11 of the ATMs between March 2022 and March 2023.

You can read more about the case here.

Matthew Butt KC appeared on behalf of the prosecution instructed by the Financial Conduct Authority.

1st October 2024