In the UK, illegal Bitcoin ATM operator Amping Olumide Osunkoya has been sentenced to four years in prison for operating an unregistered network of crypto ATMs.
From 2021 to 2022, he provided services at 28 locations, despite being denied registration and receiving warnings from authorities. Osunkoya used fake documents to conceal his activities and charged clients high fees.
This legal case is the first of its kind in the UK, with the FCA continuing its fight against illegal crypto operations.
This case highlights the importance of strict regulation in the cryptocurrency industry