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.

Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, said: “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.”