BUSTED: $1,200,000,000 ILLEGAL CRYPTO BUSINESS FCA's Principal Arrest:
Two individuals who are suspected of running an illicit cryptocurrency asset exchange have been taken into custody by the Financial Conduct Authority (FCA) in the United Kingdom. Allegedly, the suspects' company traded unregistered cryptocurrency assets worth more than 1 billion British pounds ($1.2 billion).
👮♂ Operation Crackdown on Illicit Activities: On June 19, the FCA confiscated several digital devices during raids of offices connected to the suspects. This action demonstrates the agency's dedication to stopping financial crime and maintaining the integrity of the financial system in the United Kingdom.
💬 FCA's Position: The regulator is committed to preventing illegal money from entering the UK financial system, according to Therese Chambers, executive director of enforcement and market oversight at FCA. "These arrests demonstrate that we will do everything within our power to stop cryptocurrency firms from operating illegally in the U.K." the speaker said.
The investigation is ongoing.
After interviewing both suspects, the police released them on bond, but the investigation is still underway. Operators of cryptocurrency asset exchanges in the UK are required to register with the FCA and adhere to money laundering laws as of January 2021 in order to conduct business lawfully.
What are your thoughts on this bust?