UK Regulator FCA Arrests Two People Associated With 1B-Pound Illegal Crypto Business
The Financial Conduct Authority (FCA) and London's police force have arrested two individuals suspected of running an illegal $1.3 billion cryptocurrency business. The suspects, aged 38 and 44, were questioned and released on bail. The FCA inspected associated offices and the Metropolitan Police seized digital devices from two London residences. Since January 2021, cryptocurrency services must be registered with the FCA under anti-money laundering rules. Only 44 out of over 300 businesses have successfully registered. The UK has recently granted police more power to seize and freeze cryptocurrency during investigations. The FCA's enforcement actions may increase following criticism from the National Audit Office for slow enforcement action.
