Documented Case

Olumide Osunkoya / GidiPlus Ltd

The first UK conviction for illegally operating a network of crypto ATMs. Olumide Osunkoya processed over £2.5m of cryptoasset transactions through 28 locations after the FCA refused his registration, and was sentenced to four years' imprisonment.

Investment type: Unregistered cryptoasset exchange services (crypto ATM network)
Documented investor losses: Over £2.5m of transactions processed illegally (FCA)
Date / period: December 2021 to September 2023; sentenced 28 February 2025
Relevant organisation: Financial Conduct Authority / Southwark Crown Court
Nature of the matter: Criminal prosecution — unregistered cryptoasset activity and money laundering

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Background

Olumide Osunkoya operated a network of cryptoasset ATMs across 28 locations in the United Kingdom through his company, GidiPlus Ltd.

The FCA had refused registration for the cryptoasset business. Operating without that registration is a criminal offence under the Money Laundering Regulations.

How the operation worked

The machines allowed members of the public to exchange cash for cryptoassets. The network continued to operate after registration was refused, outside the anti-money laundering supervision that registration exists to provide. Documents were also falsified.

What happened to consumers

Consumers exchanged money through an unregistered and unsupervised network without the checks and protections that a registered cryptoasset business must apply. The FCA documented over £2.5m of transactions processed.

Prosecution and court outcome

Osunkoya pleaded guilty to five charges, including money laundering offences, on 30 September 2024, and was sentenced to four years' imprisonment at Southwark Crown Court on 28 February 2025.

What the case demonstrates

This was the FCA's first criminal conviction concerning unregistered cryptoasset business activity, confirming that cryptoasset services in the UK — not only investment schemes — fall within the scope of criminal enforcement.

Key Lesson

Any UK cryptoasset business must be registered with the FCA. Registration status can and should be checked before funds are exchanged.

Source & Further Information

Olumide Osunkoya sentenced to 4 years for illegally operating crypto ATM network
Financial Conduct Authority — published 28 February 2025
View the official source

These case studies summarise matters recorded in public sources including FCA publications, Insolvency Service and Serious Fraud Office material on GOV.UK, court judgments and the Companies House register. They are provided for information only, are not legal advice, and do not describe work carried out by BJM Recovery Ltd for any client. Where an investigation or set of proceedings remains open, the position stated is the position recorded at the date of the cited source.

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We then examine what is on the public record: the Companies House position, any insolvency appointments, regulatory publications, enforcement action and court proceedings. Public records frequently determine which routes remain open, whether that is a creditor claim in an insolvency, a claim against a regulated party in the advice or pension chain, participation in a distribution administered by a regulator, or civil proceedings.

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