Two individuals have been arrested in London on suspicion of operating an illegal cryptocurrency exchange that facilitated trades exceeding £1 billion. The arrests were made by the Financial Conduct Authority (FCA), which also conducted searches at the suspects’ London offices and two residential properties, where several digital devices were seized by the Metropolitan Police.
The FCA disclosed that the unregistered crypto assets transacted through the exchange raised concerns about potential financial misconduct. Therese Chambers, the FCA’s executive director of enforcement and market oversight, underscored the agency’s commitment to preventing illegal activities within the UK financial system. She stated, “The FCA has an important role to play in keeping dirty money out of the UK financial system. These arrests show we will do everything in our power to stop crypto firms from operating illegally in the UK.”
Global regulatory scrutiny on cryptocurrency operations has intensified recently, spurred by the collapse of several prominent crypto firms, leading to significant financial losses for investors worldwide. Both suspects, aged 38 and 44, were questioned by the FCA and subsequently released on bail, pending further investigation into the case.
