2024

Read

<ul> 
 <li>FCA arrested two people for running a $1.2B illegal crypto exchange, seizing multiple digital devices during raids.</li> 
 <li>Since January 2021, UK crypto exchanges must register with the FCA and comply with anti-money laundering regulations.</li> 
 <li>Political disruptions in the UK have delayed full crypto regulation, emphasising the need for post-election regulatory focus</li> 
</ul> 
<p>The Financial Conduct Authority (FCA) has arrested two individuals suspected of operating illegal cryptocurrency exchange in the UK. <a href="https://www.fca.org.uk/news/press-releases/two-arrests-connected-suspected-illegal-cryptoasset-business" target="_blank" rel="noreferrer noopener">According to the FCA</a>, this illegal enterprise bought and traded unregistered cryptocurrency assets valued at over £1 billion ($1.2 billion). During the raids on the suspects’ offices, the FCA seized multiple digital devices.</p> 
<p><strong>Importance of FCA Compliance</strong></p> 
<p>Therese Chambers, the executive director of enforcement and market oversight at the FCA, emphasised the regulator’s crucial role in keeping “dirty money out of the U.K. financial system.” She stated that the FCA is committed to stopping illegal crypto operations in the UK. The two suspects have been interviewed and released on bail as the investigation continues.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f514.png" alt="🔔" class="wp-smiley" style="height: 1em; max-height: 1em;"> FCA Cracks Down on Suspects in $1.2B Illegal Crypto Asset Scheme !<br><br>The UK's Financial Conduct Authority (FCA) announced the arrest of two individuals suspected of running an illegal <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> asset exchange. The operation, allegedly handling over £1 billion ($1.2 billion <a href="https://twitter.com/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USD</a>)… <a href="https://t.co/LJdocMROOX">pic.twitter.com/LJdocMROOX</a></p>— Altcoin Alerts (@Altcoin_Alerts) <a href="https://twitter.com/Altcoin_Alerts/status/1804077512101892493?ref_src=twsrc%5Etfw">June 21, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>In the U. K., the operators of the crypto asset exchange must directly register with the FCA and also follow rules regarding the anti money laundering systems. This has been the situation since January 2021..</p> 
<p><strong>Regulatory Path Forward Amid Political Disruptions</strong></p> 
<p>Charlotte Tregunna, a crypto fraud expert, noted the difficulty of convincing the FCA of unawareness of these requirements, especially for exchanges previously rejected by the regulator. She highlighted this case as a demonstration of the FCA’s ability to crack down on illegal exchanges but also pointed to the ongoing regulatory uncertainties.</p> 
<p>The UK is approaching a general election on July 4, which has disrupted the country’s progress toward full crypto regulation. Tregunna stressed the importance of resuming and accelerating regulatory efforts post-election. She urged that the new government should prioritise steering the UK back onto its regulatory path for crypto assets.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also:</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/u-k-fca-to-tighten-crypto-rules-and-ban-foreign-firms/">U.K. FCA To Tighten Crypto Rules and Ban Foreign Firms</a></li>
 <li><a href="https://cryptonewsland.com/rca-reports-contra-fcas-crypto-ban-may-split-uk-officials/">RCA Reports Contra FCA’s Crypto Ban May Split UK Officials</a></li>
 <li><a href="https://cryptonewsland.com/revolut-to-provide-crypto-services-in-the-uk/">Revolut to Provide Crypto Services in The UK</a></li>
 <li><a href="https://cryptonewsland.com/proposed-ban-on-crypto-incentives-in-the-uk-what-you-need-to-know/">Proposed Ban on Crypto Incentives in the UK: What You Need to Know</a></li>
 <li><a href="https://cryptonewsland.com/crypto-com-secures-emi-authorization-from-uks-financial-watchdog/">Crypto.com Secures EMI Authorization from UK’s Financial Watchdog</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/fca-busts-1b-unregistered-crypto-exchange-arrests-two-suspects/">FCA Busts £1B Unregistered Crypto Exchange, Arrests Two Suspects</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

FCA Busts £1B Unregistered Crypto Exchange, Arrests Two Suspects

Crypto News Land

Other articles published on Jun 21, 2024

The Classroom of Tomorrow? Open Campus U Brings AI-Powered Personalization to Education

Investors Monitor Altcoin Price Shifts

Spot Bitcoin (BTC) Exchange Traded Funds (ETFs) Listed in the USA Experienced Large Outflows This...

Trump gets $2M Bitcoin boost from Winklevoss twins for 2024 bid

Top Meme Coin Presale in 2024: Investors Hit the Crypto Lottery, Ditch Immutable X and Internet C...

Pepe price prediction: 2024 poised to be PEPE’s breakout year

Join our free newsletter for daily crypto updates!