The Financial Conduct Authority (FCA) collaborated with the
Metropolitan Police Service to apprehend two individuals, aged 38 and 44,
suspected of managing an illicit crypto asset exchange.
The operation was prompted by suspicions that the exchange
facilitated transactions exceeding £1 billion in unregistered crypto assets.
Suspects Released on Bail
The FCA conducted inspections at premises linked to the
suspects, where the police executed searches and seized multiple digital
devices from two residential properties in London.
Following these actions, both suspects were questioned under
caution by the FCA and subsequently released on bail. The investigation by the
FCA remains ongoing.
Under UK regulations, crypto asset exchange providers are
required to be registered with the FCA and adhere to anti-money laundering
protocols to operate lawfully within the country.
This article was written by Tareq Sikder at www.financemagnates.com.
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