As an experienced financial analyst, I strongly support the actions taken by the Financial Conduct Authority (FCA) and the Metropolitan Police Service in arresting the individuals suspected of operating an illegal multi-billion crypto exchange in London. The potential illicit trading volume of over £1 billion ($1.2 billion) is a significant concern for investors and the stability of the global financial system.
Two people have been taken into custody by the Financial Conduct Authority (FCA) of the UK and the Metropolitan Police Service on suspicion of operating an illicit multi-billion dollar crypto exchange.
Two individuals residing in London have been apprehended by the Financial Conduct Authority (FCA) in conjunction with the Metropolitan Police Service, on suspicion of running an unlawful cryptocurrency exchange.
In a statement issued on Thursday, the Financial Conduct Authority (FCA) revealed that investigators estimate over £1 billion ($1.2 billion) in unregistered cryptocurrencies have been traded through an undisclosed platform. The document does not reveal the identities of those taken into custody or the name of the exchange in question.
In their statement, the Financial Conduct Authority (FCA) mentions that they carried out investigations at the suspected individuals’ related workplaces. Simultaneously, the police obtained and seized various digital gadgets during searches conducted at two residences in London.
The Financial Conduct Authority announced that both suspects have been questioned carefully, with the understanding that they could incriminate themselves, and then freed on bail. The FCA’s probe into this matter is still in progress.
As the executive director of enforcement and market oversight at the Financial Conduct Authority (FCA), I can confirm that we have taken decisive action against crypto firms found to be operating illegally within the United Kingdom’s jurisdiction. Our determination to uphold the law remains unwavering, and we will utilize all available resources to prevent such activities from persisting.
In accordance with British law, cryptocurrency exchanges are required to register with the Financial Conduct Authority (FCA) and adhere to anti-money laundering regulations to lawfully carry out their operations. Not every international crypto businesses have obtained authorization from the FCA to provide their services in the U.K., resulting in Binance and Bybit becoming unavailable post-FCA enforcement actions.
As a crypto investor, I’ve been keeping a close eye on the developments regarding regulatory oversight of the cryptocurrency market. In early May, I was pleased to learn that the U.K. Treasury had released a report detailing their work over the past two years in this area. The document, titled “Anti-Money Laundering and Counter-Terrorist Financing,” shed light on the FCA’s extensive efforts in monitoring crypto market activities. Specifically, I was intrigued to discover that between 2022 and 2023, one-third of the FCA’s staff had dedicated their resources to overseeing crypto-related operations. This proactive approach is a positive sign for the legitimacy and transparency of the crypto sector.
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2024-06-20 15:40