FCA Arrests Two for Running Unregistered Crypto Exchange in UK

The UK’s Financial Conduct Authority (FCA) has arrested two individuals suspected of operating an unregistered crypto exchange that reportedly handled transactions worth over £1 billion ($1.2 billion).

During raids, authorities seized various digital devices linked to the illegal operation.

Therese Chambers, the FCA’s enforcement director, highlighted the agency’s role in combating financial crimes, emphasizing their determination to shut down unauthorized crypto activities in the country. The suspects were questioned and released on bail, with the investigation still in progress.

In the UK, crypto exchanges must be registered with the FCA and adhere to anti-money laundering regulations, a requirement since January 2021.

Crypto fraud expert Charlotte Tregunna pointed out that it’s difficult for operators to claim ignorance of these rules, given their long-standing nature. She noted that this case demonstrates the FCA’s commitment to enforcing compliance but also underscores the need for clearer regulations.

The upcoming general election on July 4 has delayed the UK’s progress on comprehensive crypto regulation. Tregunna urged the new government to prioritize and expedite the development of clear regulatory guidelines for the crypto industry once the election concludes.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.