UK's Financial Conduct Authority (FCA) and Metropolitan Police have arrested two individuals suspected of running an illegal cryptocurrency operation worth over £1 billion ($1.2 billion). The suspects, aged 38 and 44, were questioned and released on bail. The FCA has emphasized the importance of registration for crypto businesses to prevent illegal activities and ensure compliance with UK money laundering regulations.

The FCA has been actively working to prevent illegal crypto activities in the UK. Therese Chambers, the Executive Director of Enforcement and Market Oversight at the FCA, stated, "The FCA has an important role to play in keeping dirty money out of the UK financial system. These arrests show we will do everything in our power to stop crypto firms from operating illegally in the UK.”

Since the implementation of mandatory registration for crypto-related businesses in January 2021, over 300 businesses have applied for registration, but only approximately 44 have been successfully registered. The FCA has the authority to issue directives and impose restrictions on crypto businesses as authorized by the MLRs. The agency regularly alerts UK citizens about the risks associated with crypto assets and maintains a list of suspected unregistered businesses.