Illegal crypto ATM operator given four-year prison sentence

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The story "Illegal crypto ATM operator given four-year prison sentence" was covered 11 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 11h ago

Illegal crypto ATM operator given four-year prison sentence - Financial Times

Quick Summary:

The FCA has requested the court initiate proceedings to recover any financial benefit Osunkoya made from his crimes.

Working in a similar way to a typical bank ATM, CATMs can take in cash, convert it to a cryptocurrency such as bitcoin, and send the digital money to a customer’s crypto wallet address.

A barrister for the FCA told the court that Osunkoya had applied to operate CATMs and had been turned down by the regulator in 2021.