News
FCA and police collaborate in arrests for suspected illegal cryptocurrency trading
The Financial Conduct Authority (FCA) has worked with the Metropolitan Police Service to arrest two people, aged 38 and 44, suspected of running an illicit cryptocurrency exchange.
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The operation was motivated by suspicions that the exchange facilitated transactions in excess of £1 billion in unregistered cryptocurrencies.
The FCA conducted inspections of premises linked to the suspects, where police carried out searches and seized numerous digital devices from two residential properties in London.
Therese Chambers, Executive Director of Enforcement and Market Oversight, FCA, Source: LinkedIn
Following these actions, both suspects were interviewed under caution by the FCA and subsequently released on bail. The FCA investigation is still ongoing. According to UK regulations, cryptocurrency exchange suppliers must be registered with the FCA and adhere to anti-money laundry
protocols for operating legally within the country.
Therese Chambers, executive director of enforcement and market oversight 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 cryptocurrency companies from operating illegally in the UK.”
Alleged Fraud in High Risk Forex and Retirement Investment Schemes
THE FCA has taken legal action against nine people for their roles in unauthorized forex trading schemes promoted through social media, as reported by Financial magnates. Emmanuel Nwanze allegedly orchestrated the scheme, distributing unauthorized financial promotions via Instagram from May 19, 2018 to April 13, 2021.
The scheme involved the unauthorized trading of high-risk Contracts for Difference (CFDs). Other individuals are also accused of issuing unauthorized financial promotions and are due to appear in court on June 13, 2024.
Furthermore, the FCA charged Kristofer McGuire, Keith Williamson and Karla Walker with fraud connected to a high-risk trading system targeting pension investments in CFDs. Victims were allegedly tricked into investing, resulting in significant financial losses in excess of £8 million.
The FCA investigation uncovered misleading claims about victims’ professional investor status and malicious trading strategies designed to generate large commissions. McGuire, Williamson and Walker are expected to appear in court to face these charges.
The Financial Conduct Authority (FCA) has worked with the Metropolitan Police Service to arrest two people, aged 38 and 44, suspected of running an illicit cryptocurrency exchange.
The operation was motivated by suspicions that the exchange facilitated transactions in excess of £1 billion in unregistered cryptocurrencies.
Dedicated Forex cloud solutions with stable and fast cross-border connections capable of high-demand scenarios. Alibaba Cloud helps Forex traders trade securely and globally. Click to learn more!
The FCA conducted inspections of premises linked to the suspects, where police carried out searches and seized numerous digital devices from two residential properties in London.
Therese Chambers, Executive Director of Enforcement and Market Oversight, FCA, Source: LinkedIn
Following these actions, both suspects were interviewed under caution by the FCA and subsequently released on bail. The FCA investigation is still ongoing. According to UK regulations, cryptocurrency exchange suppliers must be registered with the FCA and adhere to anti-money laundry
protocols for operating legally within the country.
Therese Chambers, executive director of enforcement and market oversight 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 cryptocurrency companies from operating illegally in the UK.”
Alleged Fraud in High Risk Forex and Retirement Investment Schemes
THE FCA has taken legal action against nine people for their roles in unauthorized forex trading schemes promoted through social media, as reported by Financial magnates. Emmanuel Nwanze allegedly orchestrated the scheme, distributing unauthorized financial promotions via Instagram from May 19, 2018 to April 13, 2021.
The scheme involved the unauthorized trading of high-risk Contracts for Difference (CFDs). Other individuals are also accused of issuing unauthorized financial promotions and are due to appear in court on June 13, 2024.
Furthermore, the FCA charged Kristofer McGuire, Keith Williamson and Karla Walker with fraud connected to a high-risk trading system targeting pension investments in CFDs. Victims were allegedly tricked into investing, resulting in significant financial losses in excess of £8 million.
The FCA investigation uncovered misleading claims about victims’ professional investor status and malicious trading strategies designed to generate large commissions. McGuire, Williamson and Walker are expected to appear in court to face these charges.