Key Points:
- Olumide Osunkoya was sentenced to four years in prison for running unregistered cryptocurrency ATMs in the UK, despite being denied FCA approval.
- Osunkoya processed over £2.5 million in transactions using forged documents and a fake identity, generating at least £500,000 in profits before his arrest in 2023.
A UK court has sentenced Olumide Osunkoya to four years in prison for illegally operating an unregistered cryptocurrency ATM network.
The ruling, delivered by Judge Gregory Perrins at Southwark Crown Court on February 28, follows Osunkoya’s guilty plea to multiple charges in September 2024.
UK Court Jails Olumide Osunkoya for Operating 11 Crypto ATMs Illegally
Olumide Osunkoya, 46, was convicted of running unauthorized crypto ATMs, forgery, using false identity documents, and possessing criminal property.
His company, GidiPlus, facilitated cryptocurrency transactions through at least 11 machines across the UK, despite being denied registration by the Financial Conduct Authority (FCA). Authorities estimate that his operation processed over £2.5 million in transactions, generating at least £500,000 in profits.
The FCA had previously warned Osunkoya in 2021 that running crypto ATMs without approval was illegal. Ignoring the directive, he allegedly used forged documents and a fake identity, “Yarik Wolnik,” to continue operations.
Crypto ATMs allow users to buy and convert cash into digital currencies such as Bitcoin. Regulators worldwide have tightened oversight on these machines due to concerns about money laundering, as they provide minimal traceability.
The FCA has been actively shutting down unauthorized crypto teller machines, reducing their presence in the UK from 80 locations in 2022 to none by 2024, according to CoinATMRadar data.
Fraud and Forgery: The Case Against Olumide Osunkoya
Osunkoya’s arrest in September 2024 led to the discovery of £19,500 in cash at his residence, which he claimed was for household expenses.
During sentencing, Judge Perrins described Osunkoya’s actions as “deliberate and calculated defiance.” Osunkoya had asserted that he needed the funds for his sister’s cancer treatment, but this was unsubstantiated.
While his lawyer, Lady-Gené Waszkewitz, also argued that he suffers from severe sickle cell disease and supports family members, the court found no evidence to justify his claims. The FCA is now seeking legal measures to recover Osunkoya’s illicit earnings.
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