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FCA arrests two in case of £1 billion illegal cryptocurrency trading operation
The Financial Conduct Authority (FCA), working with the Metropolitan Police Service, conducted an operation to arrest two people, aged between 38 and 44, suspected of running an illegal cryptocurrency exchange.
More than £1 billion of unregistered cryptocurrencies are believed to have been bought and sold through this business.
The FCA inspected offices associated with the suspects and police seized several digital devices during searches of two London residential properties.
Both suspects were questioned under caution by the FCA and released on bail. The FCA’s investigation into the case is ongoing.
Cryptocurrency exchange providers must be registered with the FCA and comply with UK money laundering regulations in order to operate legally in the UK.
Teresa Chambersexecutive 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.”