• The Financial Conduct Authority (FCA) and the Metropolitan Police arrested two people for allegedly running a crypto-business worth $1.3 billion.
  • The FCA has said that it will do all in its power to prevent crypto firms from illegally operating.

Two people were arrested by the Financial Conduct Authority and London police for allegedly operating a $1.3 billion illegal crypto business.

In a press release issued on Thursday, the regulator stated that “more than 1 billion [pounds] worth of unregistered cryptocurrency assets have been believed to be bought and sold by this business.”

The FCA interviewed the suspects aged 38 and 44 under caution and released them on bail. The FCA conducted an inspection of the two suspects’ offices and the Metropolitan Police confiscated several digital devices in two London homes during the course of the investigation.

The investigation is ongoing. The FCA refused to provide any additional details.

Since January 2021, the FCA has required that crypto asset services be registered under its anti-money launder rules. Just 44 companies have been able to land on the register, despite more than 300 companies trying.

Sheldon Reback is the editor.