In a joint effort, the UK Financial Conduct Authority (FCA) and the Metropolitan Police Service have successfully carried out an operation resulting in the apprehension of two individuals, aged 38 and 44, who are believed to have been operating an illicit cryptocurrency exchange. The FCA revealed on Thursday that this unlawful business facilitated the trading of over £1 billion worth of unregistered crypto assets. As part of the operation, the financial authority conducted thorough inspections of various offices, while the police seized multiple digital devices from two residential properties located in London. Both suspects were subjected to interrogation and subsequently released on bail. The FCA reiterates the importance of crypto asset exchange providers being registered and adhering to money laundering regulations in order to conduct their operations lawfully. The investigation remains ongoing.
