The UK’s Financial Conduct Authority (FCA) has announced that it has arrested two people.

The UK’s Financial Conduct Authority (FCA) said it has arrested two people suspected of operating an illegal crypto-asset exchange.

On June 19, the Financial Conduct Authority (FCA) said illegal firms allegedly bought and sold more than £1 billion, or US$1.2 billion, of unregistered cryptocurrency assets. During searches of offices linked to the suspects, the Financial Conduct Authority (FCA) seized several digital devices.

Financial Conduct Authority (FCA) compliance.

Therese Chambers, the FCA’s executive director of enforcement and market supervision, said the regulator plays an “important role” in preventing “dirty money from entering the UK financial system”.

“These arrests show that we will do everything we can to prevent cryptocurrency companies from operating illegally in the UK.”

The Financial Supervisory Authority questioned the two arrested suspects and then released them on bail, although the investigation is still ongoing.

In the UK, crypto asset exchange operators must register directly with the Financial Conduct Authority (FCA) and comply with money laundering regulations to ensure legal operations. This has been the case since January 2021.

Charlotte Trigona, a cryptocurrency fraud expert and economic crime law firm Peters & Peters partner, said that because such requirements for exchanges have been active for so long, it would be “difficult to convince the FCA” that it was not aware of any requirements.

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“This is even more true if they had already applied for registration with the FCA, were part of the 86% (of exchanges) that were rejected and continued regardless,” she said.

“While this may be a case that the FCA will highlight in the future as successful evidence of its ability to crack down on exchanges operating illegally, it could also be a sad observation that the clarity of regulation for market participants and service providers is insufficient. lack. » It’s still not clear. In limbo.”

Impact of elections

The UK is currently going through the general election period, which will take place on July 4 this year.

Trigona said the election had “disrupted” the UK’s path to full regulation of cryptocurrencies, but it should be clear to cryptocurrency service providers that they must register with the Financial Conduct Authority (FCA).

“Whoever wins the July election will need to make it a priority to get the UK back on the regulatory path it was previously heading towards. And they need to pick up the pace while doing it!

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