The Financial Conduct Authority (FCA) and London’s police force have made arrests in connection to an illegal $1.3 billion crypto business. The regulator stated that more than 1 billion pounds worth of unregistered crypto assets were bought and sold through this business. The suspects, aged 38 and 44, were interviewed and released on bail by the FCA.
During the ongoing investigation, the FCA inspected offices associated with the suspects. The regulator declined to provide additional details but emphasized its commitment to preventing illegal crypto operations in the UK. Therese Chambers, executive director of enforcement and market oversight at the FCA, highlighted the importance of keeping illicit funds out of the UK financial system.
The arrests come after the FCA was criticized by the National Audit Office for being slow to take enforcement action. This latest development suggests that the regulator may be taking a more proactive approach to enforcing regulations within the cryptocurrency sector. The investigation continues as authorities work to uncover the full extent of the illegal activities.
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