UK’s FCA and Metropolitan Police arrest two individuals suspected of operating an illegal cryptoasset exchange with over £1 billion in transactions.
The Financial Conduct Authority (FCA), in collaboration with the Metropolitan Police Service, has arrested two individuals suspected of operating an illegal cryptoasset exchange with transactions exceeding £1 billion.
The arrests followed inspections of offices linked to the suspects and the seizure of digital devices from two London residences. The individuals, aged 38 and 44, were questioned by the FCA and subsequently released on bail, pending further investigation.
The operation underscores the FCA’s commitment to combatting illicit financial activities within the UK’s cryptoasset sector. Operating a cryptoasset exchange without FCA registration and adherence to anti-money laundering regulations is illegal in the UK.
Therese Chambers, FCA Executive Director of Enforcement and Market Oversight, emphasized the regulator’s dedication to preventing illegal crypto firms from operating within the country.
This crackdown on illegal crypto operations highlights the growing scrutiny of the cryptoasset sector by regulatory bodies worldwide, aiming to ensure compliance with legal frameworks and protect investors.
Source: FCA Press Release
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