đ¨ $1,200,000,000 ILLEGAL CRYPTO BUSINESS BUSTEDđ¨
đĽ FCA's Major Arrest:
The Financial Conduct Authority (FCA) in the UK has arrested two suspects believed to be involved in operating an illegal crypto asset exchange. The suspects' business allegedly traded more than 1 billion British pounds ($1.2 billion) in unregistered crypto assets.
đŽââ Crackdown on Illicit Activities:
On June 19, during raids of offices linked to the suspects, the FCA seized multiple digital devices. This move highlights the agency's commitment to combating financial crime and ensuring the integrity of the UK's financial system.
đŹ FCA's Stance:
Therese Chambers, FCA's executive director of enforcement and market oversight, emphasized the regulator's dedication to keeping illicit funds out of the UK financial system. She stated:
âThese arrests show we will do everything in our power to stop crypto firms from operating illegally in the U.K.â
đ Investigation Continues:
The two suspects were interviewed and released on bail, but the investigation is ongoing. Since January 2021, crypto asset exchange operators in the UK must register with the FCA and comply with money laundering regulations to operate legally.
What do you think about this bust?
Follow @Professor Mende - Bonuz Ecosystem Founder for more crazy crypto updates!
