The Financial Conduct Authority (FCA), working with the Metropolitan Police Service, has arrested two individuals suspected of running an illegal cryptoasset exchange.
The regulator said that more than £1 billion of unregistered cryptoassets are believed to have been bought and sold through this business.
During searches at two London properties, the police seized several digital devices. The FCA interviewed both suspects under caution and they were released on bail. The FCA’s investigation into the case continues.
Since 2021, to operate in the UK, cryptoasset exchange providers must be registered with the FCA and comply with the UK money laundering regulations.
Charlotte Tregunna was quoted in The Cointelegraph, commenting on the development. She explained that since the registration requirements have been in place for several years, the individuals in this case would find it “difficult to persuade the FCA” that they were not aware of them.
“Even more so if they had applied t
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