Olumide Osunkoya, 46, operated illegal crypto ATMs through a company called GidiPlus Limited, and then as a sole trader, with locations across the country. He made substantial profit from the operation, charging a typical markup on each transaction of between 30% and 60%.

Following an investigation by the Financial Conduct Authority, Osunkoya was sentenced to four years in prison for illegal crypto activity worth over £2.5m and associated offences at Southwark Crown Court.

Osunkoya pleaded guilty on 30 September 2024 to five charges, including committing forgery by creating four bank statements in an effort to pass source of wealth checks with a cryptoasset exchange provider.