Read

The British FCA alongside the Metropolitan Police Service has arrested two individuals, suspected of running an illegal multi-billion crypto exchange.
The Financial Conduct Authority (<a href="https://crypto.news/tag/fca/" target="_blank" rel="noopener noreferrer nofollow">FCA</a>), in collaboration with the Metropolitan Police Service, has arrested two residents of London suspected of operating an illegal crypto exchange.
In a Thursday <a href="http://www.fca.org.uk/news/press-releases/two-arrests-connected-suspected-illegal-cryptoasset-business?data=67578crypto8966news999" target="_blank" rel="noopener noreferrer nofollow">press release</a>, the FCA said authorities believe that over £1 billion ($1.2 billion) worth of unregistered crypto have been traded through the business. The document doesn’t disclose the names of the arrested nor the name of the exchange they were running.
The press release notes the FCA conducted inspections at the suspects’ associated offices, while the police “seized several digital devices during searches of 2 residential London properties.”
“Both suspects were interviewed under caution by the FCA and released on bail. The FCA’s investigation into the case is ongoing,” The Financial Conduct Authority stated.
You might also like: <a href="https://crypto.news/as-uk-elections-loom-is-crypto-a-priority-for-labour/" rel="noopener noreferrer nofollow"> As UK elections loom, is crypto a priority for Labour? </a>
Commenting on the arrests, Therese Chambers, executive director of enforcement and market oversight at the FCA, stated the action shows the agency will do “everything in our power to stop crypto firms from operating illegally in the U.K.”
Under U.K. law, crypto exchange providers must register with the FCA and comply with money laundering regulations to operate legally. Not all international crypto companies have been granted licenses to offer services in the U.K., with <a href="https://crypto.news/tag/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> and <a href="https://crypto.news/tag/bybit/" target="_blank" rel="noopener noreferrer nofollow">Bybit</a> becoming unavailable after the FCA crackdown.
In early May, the U.K. Treasury <a href="https://crypto.news/uk-treasury-warns-of-money-laundering-risks-via-cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">presented</a> a report on its work over the past two years, highlighting efforts in monitoring the crypto market. The document, titled “Anti-Money Laundering and Counter-Terrorist Financing,” revealed that between 2022 and 2023, the FCA examined the activities of 238 firms, with approximately one-third of its staff involved in overseeing crypto-related operations.
Read more: <a href="https://crypto.news/crypto-leaders-redirect-focus-to-the-uk-labour-party-ahead-of-elections/" rel="noopener noreferrer nofollow"> Crypto leaders redirect focus to UK Labour Party ahead of elections </a>

British police arrest two Londoners suspected of running $1.2b crypto exchange

crypto.news

Other articles published on Jun 20, 2024

Toncoin (TON) Playing Catch up With Bitcoin, Transactions Go Parabolic

Soaring the Crypto Skies with MoonBag, the Best Presale in 2024, Burning Past AAVE & Hedera amids...

Market highlights: BNB, Raboo, and Celo show promising activity this week

Chainlink and Mode Join Forces: A Revolutionary Leap in Blockchain Interoperability

EasyA’s Web3 Developer Community Surpasses One Million and Launches Polkadot Education (20 Jun)

Top Crypto Presale in June 2024: MoonBag Blindsides Heder and Bonk

Join our free newsletter for daily crypto updates!