London’s police force and the Financial Conduct Authority (FCA) have arrested two individuals suspected of running an illegal $1.3 billion crypto business. The FCA announced in a press release that over 1 billion pounds of unregistered crypto assets were believed to have been bought and sold by this business. The suspects, aged 38 and 44, were questioned by the FCA and then released on bail.
During the investigation, the FCA conducted searches at offices linked to the suspects, and the Metropolitan Police seized various digital devices from two residential properties in London. The investigation is ongoing, and the FCA has refrained from providing further details at this time.
Therese Chambers, the FCA’s executive director of enforcement and market oversight, emphasized the importance of preventing illegal activity within the U.K.’s financial system. Chambers stated, “These arrests demonstrate our commitment to preventing crypto firms from operating unlawfully in the U.K.” The regulator’s actions may be a response to criticisms from the National Audit Office last year, which highlighted delays in enforcement actions by the FCA.