2024

Billion

The London Metropolitan Police joined with the Financial Conduct Authority (FCA), to carry out an operation that led to the apprehension of two individuals, aged 38 and 44, accused of operating an illicit crypto-asset exchange and authorities suspect the exchange-enabled transactions exceeding £1 billion in unregistered cryptoassets. 
During the operation, the FCA inspected offices linked to the suspects, while the police searched two London residences and seized digital devices. Both individuals were questioned by the FCA and later released on bail. The investigation continues. 
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 More than £1 billion of unregistered cryptoassets are believed to have been bought and sold through a suspected illegal cryptoasset business. <a href="https://twitter.com/hashtag/FinancialCrime?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#FinancialCrime</a> <a href="https://twitter.com/hashtag/cryptoassets?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#cryptoassets</a> <a href="https://t.co/4YIoEMSPVG" target="_blank">https://t.co/4YIoEMSPVG</a>— Financial Conduct Authority (@TheFCA) <a href="https://twitter.com/TheFCA/status/1803767376011284785?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 20, 2024</a>
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In the UK, crypto-asset exchange providers must be registered with the FCA and comply with anti-money laundering regulations to operate legally. Therese Chambers, the FCA’s Executive Director of Enforcement, <a href="https://www.fca.org.uk/news/press-releases/two-arrests-connected-suspected-illegal-cryptoasset-business" target="_blank" rel="noreferrer noopener nofollow">emphasized</a> their role in safeguarding the UK financial system. She highlighted, “These arrests show our determination to prevent illegal crypto operations in the UK.” 
Since January 2021, cryptoasset businesses offering specific services in the UK must register under the Money Laundering Regulations. Non-compliance can lead to FCA directives and criminal charges. 
The FCA regularly warns consumers about the risks of unregulated crypto assets, stressing that investors may not be protected if things go awry. They maintain a watchlist of unregistered businesses and advise consumers accordingly. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/13/young-thai-couple-arrested-for-assisting-in-crypto-scam/" target="_blank" rel="noreferrer noopener">Thai Couple Arrested for Assisting in Crypto Scam</a> 
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London Police Arrest Two in £1 Billion Crypto Scandal

The Crypto Times

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