News: Crypto ATM prison for 4 years in the first UK case

Written by Paul Odonogo, the first reporter

The UK court has sentenced Olumide Osungoya to be imprisoned for a period of four years for operating it on the unregistered ATM network.

Judge Gregory Perins described the crime as “very dangerous” in the Soutoark Crown court on Friday.

Financial behavior body (FCA) Osunkoya charged With the operation of illegal coded ATMs, forgery of documents, and the possession of criminal property between December 2021 and September 2023. He admitted that he was guilty in September 2024.

UK ATM Crypto network and money laundering risk

ATMs allows encryption, or CATMS, for users to buy or convert criticism into an encrypted currency, such as Bitcoin. The authorities around the world have registered due to the dangers of money laundering. The machines provide little tracking, making it difficult to track money.

Perrins said that when misused, ATMs for encryption “are no less than money laundering machines.” Osungoya operates at least 11 unregistered machines, exceeding 2.5 million pounds in transactions. He got up to 30 % in the commission, which achieved at least 500,000 pounds.

FCA warnings

In 2021, Osunkoya applied for a license to operate Catms but was rejected. FCA warned him that operating machines without approval was illegal. He ignored the warning and creating a fake identity, “Yarik Wolnik” to continue the operations.

The police arrested Osungya in September 2023 and found 19500 pounds at his home. He claimed that the money was for home expenditures. Perins said his actions are “deliberate and carefully and very dangerous.”

Osungoya’s lawyer, Mrs. Waskitz, argued that he suffered from severe sickle disease and would face prison. She also said that his mother supported Nigeria and his two -year -old daughter in London.

Osungoya claimed that he needs money to treat his sister for cancer, but the court did not find any evidence. FCA request legal procedures to recover its illegal profits.

“He sends a clear message: those who raise our rules, seek to evade revealing and participating in criminal activity, who will face severe consequences.”