According to PANews, Olumide Osunkoya, aged 45, has confessed to managing an unlawful network of cryptocurrency ATMs in the United Kingdom, marking the country’s first conviction for this offense. Osunkoya entered guilty pleas to five charges at Westminster Magistrates’ Court, relating to the unlicensed operation of several cryptocurrency ATMs that facilitated transactions totaling around £2.6 million ($3.4 million). The court noted that these ATMs might have been exploited for money laundering or tax evasion. In response, the Financial Conduct Authority (FCA) has stepped up its efforts to combat illegal cryptocurrency ATMs, and Osunkoya is set to be sentenced at Southwark Crown Court, with the date yet to be announced.