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FCA arrests two in illegal seizure of £1 billion crypto exchange
The Financial Conduct Authority (FCA), in collaboration with the Metropolitan Police Service, conducted an operation to arrest two individuals, aged 38 and 44, suspected of carrying out an illegal cryptocurrency exchange.
More than £1 billion worth of unregistered crypto assets are believed to have been bought and sold through this business.
The FCA inspected offices associated with the suspects and police seized a number of digital devices during searches of two residential properties in London.
Both suspects were interviewed under caution by the FCA and released on bail. The FCA investigation into the case is ongoing.
Crypto exchange providers must be registered with the FCA and comply with UK money laundering regulations to operate legally in the UK.
Teresa CâmarasExecutive Director of Enforcement and Market Supervision at the FCA, said: “The FCA has an important role to play in keeping dirty money out of the UK financial system.
“These arrests show that we will do everything in our power to stop crypto companies from operating illegally in the UK.”