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UK unregistered crypto ATM operator gets four years in jail A UK court has sentenced Olumide Osunkoya, an executive at crypto ATM company GidiPlus, to four years in prison for operating without regulatory permission, Cointelegraph reported. Notably, this is the first time a criminal penalty has been imposed in the UK on an unregistered cryptocurrency platform. GidiPlus has operated crypto ATMs since 2021, processing a total of $3.14 million worth of relevant transactions.

Ethereum corrects 4% on Friday amidst a market-wide sell-off in crypto. Derivatives data shows traders are seeking downside protection, with the shift to a bearish sentiment towards Ether. As institutional investors pull capital from Bitcoin ETFs, it ushers in selling pressure across BTC and altcoins. Ethereum ($ETH ) derivatives traders expect a decline in Ether price in the coming weeks. Ether is trading above $2,200 on Friday as Bitcoin gains ground after a flash crash under the $80,000 level. Bitcoin is back above $83,500 leading a market-wide recovery. The open interest in Ethereum is recovering slowly after the market-wide de-leveraging this week. Ethereum price declines, derivatives traders bearish Ethereum is trading at $2,214, correcting 4% on the day. The largest altcoin is highly correlated to Bitcoin, therefore the BTC flash crash under $80,000 and the subsequent recovery influenced the Ethereum price trend. While Ether struggles to gain ground among traders, derivatives data from Coinglass shows bearish bets. The long/short ratio, a metric that compares the number of long positions against short ones, reads 0.9562. A value less than one indicates a higher expectation of a price decline, as it signals a larger count of short positions in Ether. Nick Forster, Founder of Derive.xyz, evaluated the derivatives data in the Ethereum market and observed that the 7-day at-the-money (ATM) implied volatility (IV) has fallen from a high of 84% from earlier in the week to the current level of 65%. A decline in 7-day ATM IV is a sign of temporary volatility stabilization or a lower expectation of price swings in Ether.

Olumide Osunkoya has been sentenced to four years in prison for illegally operating cryptocurrency automated teller machines in the United Kingdom. The 46-year-old faced charges related to running crypto ATMs through his company, GidiPlus, with machines installed at multiple locations across the UK. According to authorities, Osunkoya set up a £2.5 million ($3.2 million) crypto ATM business despite being denied registration by the Financial Conduct Authority. The FCA filed charges against him in early September 2024, and he pleaded guilty to six counts on September 30, 2024. On Feb. 28, the court convicted him of unregistered crypto activity, forgery, possession and use of false identity documents, and criminal property possession. Court documents revealed that Osunkoya operated his unregistered crypto business between December 2021 and March 2022. The FCA noted that he made significant profits, charging markup fees between 30% and 60% on transactions. “Your decision to continue to operate illegally was an act of deliberate and calculated defiance to the regulator,” His Honour Judge Perrins said during sentencing. The judge further noted that Osunkoya went to “great lengths to create a false identity,” making his case more than a mere regulatory breach. “This is the UK’s first criminal sentencing for unregistered crypto activity and sends a clear message: those who flout our rules, seek to evade detection and engage in criminal activity will face serious consequences,” said Therese Chambers, executive director of enforcement at the FCA. Osunkoya’s guilty sentence comes as the FCA looks to intensify its crackdown on illegal crypto related operations and services. The financial markets watchdog mandates all providers seeking to offer digital asset services and products in the country to register. FCA also requires that providers adhere to anti-money laundering guidelines and checks, a fact the agency says the crypto ATM provider failed to comply with. Per the markets regulator, its crackdown on illegal crypto teller machines saw the number of UK crypto ATM locations on CoinATMRadar fall from 80 in 2022 to zero in 2024. Details on the CoinATMRadar website shows there are currently over 37,200 crypto ATMs in 69 countries. Most of these machines are installed in the United States, which has over 29,700 locations.

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