UK cracks down on illegal cryptocurrency exchange operators, uncovers £1 billion worth of transactions

UK Financial Conduct Authority (FCA) and the London Police Department have collaborated on an operation to arrest two suspects who are alleged to have operated an illegal cryptocurrency exchange. They are aged 38 and 44 respectively. FCA stated on Thursday that it is believed that over £1 billion of unregistered cryptocurrency assets were traded through this business. The financial regulator inspected the office, and the police seized multiple digital devices from two residences in London. Both suspects have been warned and interrogated and released on bail. FCA emphasized that cryptocurrency exchange providers must register and comply with UK anti-money laundering regulations to operate legally. The investigation is still ongoing.