The Financial Conduct Authority (FCA) has joined forces with the Metropolitan Police to arrest and question two individuals suspected of operating a large-scale illegal cryptocurrency business.

The two suspects, aged 38 and 44 respectively, were suspected of illegal transactions amounting to 1 billion pounds (about 1.2 billion U.S. dollars). After interrogation, the two suspects have been released on bail and the investigation is still ongoing.

Arrest of suspects involved in illegal cryptocurrency trading

The Financial Conduct Authority (FCA) of the United Kingdom recently took enforcement action against an allegedly illegal cryptocurrency business. According to the FCA, the business involved a huge amount of crypto assets flow, and it is believed that more than 1 billion pounds of unregistered crypto assets were bought and sold through this channel. The two suspects involved in the case, aged 38 and 44, have been released on bail after being questioned by the FCA.

During the arrests and searches, the London Metropolitan Police conducted searches of the suspects’ homes and seized a large number of digital devices related to the illegal business. This operation was made possible by the recent new powers granted to the police to seize and freeze crypto assets involved in fraud investigations.

Therese Chambers, Executive Director of Enforcement and Market Supervision at the FCA, made it clear that the FCA is committed to preventing illegal crypto activities from entering the UK financial system. She stressed: "The FCA plays a key role in intercepting illegal funds from entering the UK financial system. This arrest shows our determination and we will spare no effort to prevent cryptocurrency companies from operating illegally in the UK."

Although the FCA has previously been criticized for not acting quickly enough in enforcement, since January 2021 the agency has begun requiring all businesses dealing with crypto assets to register to ensure compliance with UK money laundering regulations and combat financial crimes, including terrorist financing and illicit money transfers.

Since the registration requirement was implemented, more than 300 companies have applied to register to provide cryptocurrency-related services, but so far, only about 44 companies have successfully completed the registration process. This data reflects the FCA's efforts to strengthen supervision and improve industry compliance, but also reveals the challenges that cryptocurrency companies face in meeting regulatory requirements.

Registration requirements and compliance determination

The UK Financial Conduct Authority (FCA) has made it clear that all businesses that provide specific crypto asset services must register with the FCA in accordance with the Anti-Money Laundering Regulation (MLR) and strictly follow established rules and regulations. The FCA has the power to issue instructions and impose restrictions on crypto businesses based on MLR authorization, which reflects its determination and ability to regulate the cryptocurrency market.

The FCA regularly issues risk warnings to UK citizens related to crypto assets, raising public awareness of illegal or unregulated cryptocurrency operations. In addition, the FCA maintains a list of suspected unregistered businesses to help investors and consumers avoid transactions with these businesses, thereby protecting themselves from fraud and illegal activities.

Regarding the ongoing investigation, the FCA said it would not comment on it at this time. The agency will reserve its opinion until the investigation has a clear outcome. The FCA promised to provide updates to the public at an appropriate time once further information and progress are available. #FCA  #加密货币交易  #英国金融  #犯罪

Conclusion

The enforcement action by the Financial Conduct Authority (FCA) of the United Kingdom highlights its firm determination to strengthen supervision and combat illegal financial activities in the field of cryptocurrency. Through close cooperation with the Metropolitan Police, the FCA has demonstrated its ability to track, arrest and prosecute individuals suspected of illegal cryptocurrency transactions. These actions not only protect consumers and the integrity of the market, but also send a clear signal to all cryptocurrency businesses: compliance with regulations and upholding the law are the prerequisites for business operations.

Although the FCA faces challenges in enforcing regulatory measures, it has made positive progress by implementing registration requirements and strengthening law enforcement. With the continued crackdown on illegal activities and education of compliant companies, the FCA is working hard to create a safer and more transparent environment for the UK's financial markets. As the investigation deepens, the FCA will continue to take necessary measures to ensure the health and stability of the financial market while protecting the interests of investors.