According to Foresight News, UK cryptocurrency ATM operator Olumide Osunkoya has been sentenced to 4 years in prison for illegal operations. The UK's Financial Conduct Authority accused him of operating unregistered cryptocurrency ATMs at 28 locations through GidiPlus Ltd, processing transactions amounting to £2.6 million from December 2021 to March 2022.

FCA Enforcement and Market Oversight Joint Executive Director Therese Chambers stated that this is the UK's first criminal conviction for unregistered cryptocurrency activities, sending a clear message: those who flout the rules will face serious consequences.