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- 🎉 Gate xStocks Trading is Now Live! Spot, Futures, and Alpha Zone – All Open!
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A man admits to illegally operating a CryptocurrencyATM network in the UK
PANews reported on October 1st that 45-year-old Olumide Osunkoya has admitted to illegally operating a network of CryptocurrencyATMs in the UK, making it the first conviction case involving CryptocurrencyATM operation in the country. Osunkoya pleaded guilty to five charges at Westminster Magistrates' Court, accused of operating multiple CryptocurrencyATMs without registration, involving approximately £2.6 million (US$3.4 million) in transactions. The court stated that these ATMs may be used for Money Laundering or tax evasion. The FCA (Financial Conduct Authority) has intensified its crackdown on illegal CryptocurrencyATMs and plans to sentence him at Southwark Crown Court, with a date yet to be determined.