The UK's financial regulator (FCA) has arrested two suspects in illegal cryptocurrency trading worth more than £1 billion ($1.2 billion). 🚨

Teresa Chambers, chief executive of the FCA, said the regulator has an important role in preventing "dirty money" from entering the UK financial system.

In the UK, cryptocurrency exchange operators must be registered with the FCA and comply with anti-money laundering laws.

Crypto fraud expert Charlotte Tregunna believes the UK election has "derailed" the path to full regulation of cryptocurrencies, but crypto service providers must be registered with the FCA.