PANews reported on June 21 that according to the FCA official website, the UK Financial Conduct Authority (FCA) and the London Police have arrested two suspects suspected of operating illegal cryptocurrency businesses. The two men, aged 38 and 44, were accused of buying and selling more than 1 billion pounds (about 1.3 billion U.S. dollars) of crypto assets through their businesses without registration.
According to the FCA's statement, the two suspects have been released on bail after questioning. During the investigation, the FCA and the London Police inspected relevant offices and seized several digital devices in two residential properties in London. At present, the investigation is still ongoing and the FCA did not disclose further details.
Since January 2021, the UK requires all crypto asset service providers to register with the FCA to comply with anti-money laundering regulations. However, so far, despite more than 300 companies attempting to register, only 44 have successfully obtained registration qualifications.
