London authorities have detained two men, aged 38 and 44, in connection with a massive £1 billion cryptocurrency fraud.
The Metropolitan Police, in collaboration with the Financial Conduct Authority (FCA), executed the arrests as part of an extensive operation targeting an unregistered crypto exchange suspected of facilitating illegal transactions.
As part of the crackdown, the FCA conducted inspections at offices linked to the suspects, while police raided two residences in London, seizing several digital devices.
The detained individuals have been questioned and subsequently released on bail as investigations proceed.
In the UK, operating a crypto-asset exchange requires registration with the FCA and adherence to anti-money laundering regulations.
Therese Chambers, FCA’s Executive Director of Enforcement, cited the significance of these arrests, stating, “This operation demonstrates our commitment to combating illegal crypto activities in the UK.”
Since January 2021, UK law mandates that crypto businesses offering specific services register under the Money Laundering Regulations.
Failure to comply can result in severe penalties, including criminal charges.
The FCA continues to warn consumers about the risks associated with unregulated crypto assets and advises vigilance against unregistered businesses.
