FCA Uncovers Suspects in $1.2 Billion Illicit Crypto Business

FCA Uncovers $1.2B Illegal Cryptocurrency Scheme

FCA Uncovers – The Financial Conduct Authority (FCA) in the United Kingdom has announced the arrest of two individuals suspected of running an illegal cryptocurrency exchange. According to the FCA’s statement on June 19th, the illicit operation is alleged to have facilitated transactions exceeding 1 billion British pounds ($1.2 billion) in unregistered crypto assets.

As part of their investigation, the FCA conducted raids on offices connected to the suspects, resulting in the seizure of numerous digital devices.

FCA Compliance

Therese Chambers, the executive director of enforcement and market oversight at the FCA, emphasized the regulator’s crucial role in safeguarding the integrity of the UK financial system by preventing illicit funds from entering. She highlighted that the FCA takes this responsibility seriously.

Following their arrests, the two suspects were interviewed and subsequently released on bail as the investigation continues.

These arrests show we will do everything in our power to stop crypto firms from operating illegally in the U.K.

Therese Chambers

In the UK, operators of crypto asset exchanges are required to register directly with the FCA and adhere strictly to anti-money laundering regulations to ensure compliance with the law. This regulatory framework has been in effect since January 2021, aimed at promoting transparency and accountability in the crypto industry.

Charlotte Tregunna, a crypto fraud expert and partner at the business crime law firm Peters & Peters, pointed out that since these exchange requirements have been in place for a considerable period, it would be challenging to convince the FCA that any operator was unaware of them.

Impact on elections

The UK is gearing up for a general election scheduled for July 4th.

According to Tregunna, the election has caused some disruption in the UK’s progress towards comprehensive crypto regulation. Despite this, crypto service providers should understand that registration with the FCA is still mandatory.

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