Two Arrested in UK Over Suspected Illegal £1bn Cryptoasset Exchange

On June 20 2024, the UK Financial Conduct Authority (FCA) has collaborated with the Metropolitan Police Service to apprehend two individuals, aged 38 and 44, suspected of managing an illicit cryptoasset exchange. The operation was prompted by suspicions that the exchange facilitated transactions exceeding £1 billion in unregistered crypto assets.

During the operation, the FCA inspected offices associated with the suspects, while the police seized several digital devices during searches of two residential properties in London. Both suspects were interviewed under caution by the FCA and subsequently released on bail. The FCA's investigation into the case remains ongoing.

Therese Chambers, the FCA's Executive Director of Enforcement and Market Oversight, emphasized the importance of preventing illegal activities within the UK financial system. She stated, "The FCA has an important role to play in keeping dirty money out of the UK financial system. These arrests show we will do everything in our power to stop crypto firms from operating illegally in the UK".