🌋 Britain Cracks Down on Illegal Crypto Operations

posted  20 Jun 2024
Photo - Britain Cracks Down on Illegal Crypto Operations
The UK Financial Conduct Authority (FCA) has arrested two individuals linked to the operation of an illicit cryptocurrency exchange that processed transactions worth over £1 billion. During the search, the police seized several digital devices.

Following interrogation, the suspects were released on bail while the investigation continues. The FCA has opted not to disclose further details about the case. This robust enforcement is seen as a response to previous criticisms from other government bodies regarding the regulator's slow action.
The FCA has an important role to play in keeping dirty money out of the UK financial system. These arrests show we will do everything in our power to stop crypto firms from operating illegally in the UK,
Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, said.
According to UK regulations, all crypto companies are required to register for legal operation in the UK and adhere to international anti-money laundering standards. However, only 44 projects have been approved since the legislation was enacted, from a pool of at least 300 applicants.