The Financial Conduct Authority (FCA) in the United Kingdom has apprehended two individuals for allegedly running an illicit cryptocurrency exchange. The FCA disclosed on June 19 that the unlawful operation had facilitated transactions exceeding 1 billion British pounds ($1.2 billion) in unregistered digital assets. Following raids on the suspects' premises, the FCA confiscated numerous electronic devices. Therese Chambers, the FCA's executive director of enforcement, emphasized the agency's role in combating financial crime. The arrested suspects were questioned and released on bail, with the investigation ongoing. In the U.K., crypto exchanges must register with the FCA and adhere to anti-money laundering regulations. Despite the regulatory framework being in place since January 2021, some operators have flouted the rules. The upcoming general election in the U.K. has disrupted the progress of crypto regulation, but service providers are reminded to comply with FCA requirements. Read more AI-generated news on: https://app.chaingpt.org/news