The UK Financial Conduct Authority (FCA) and the Metropolitan Police arrested two people, aged 38 and 44, for operating an unregistered cryptocurrency firm worth more than $1.3 billion.
This action is part of the FCA's effort to rid the financial system of criminal activity. The suspects were apprehended, questioned, and then released on bond.
During the raid, authorities seized many digital gadgets from two London houses and searched connected office buildings. Since January 2021, UK legislation has required crypto asset service providers to register with the FCA to comply with anti-money laundering requirements. However, just 44 of the more than 300 aspirants have successfully enrolled.
UK authorities recently gained new powers to confiscate and freeze crypto during investigations. The FCA is stepping up regulatory enforcement to shut down unlawful crypto activities in the UK. The National Audit Office criticized the FCA for its tardy enforcement responses last year, prompting this decision.
