- FCA arrested two people for running a $1.2B illegal crypto exchange, seizing multiple digital devices during raids.
- Since January 2021, UK crypto exchanges must register with the FCA and comply with anti-money laundering regulations.
- Political disruptions in the UK have delayed full crypto regulation, emphasising the need for post-election regulatory focus
The Financial Conduct Authority (FCA) has arrested two individuals suspected of operating illegal cryptocurrency exchange in the UK. According to the FCA, this illegal enterprise bought and traded unregistered cryptocurrency assets valued at over £1 billion ($1.2 billion). During the raids on the suspects’ offices, the FCA seized multiple digital devices.
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Importance of FCA Compliance
Therese Chambers, the executive director of enforcement and market oversight at the FCA, emphasised the regulator’s crucial role in keeping “dirty money out of the U.K. financial system.” She stated that the FCA is committed to stopping illegal crypto operations in the UK. The two suspects have been interviewed and released on bail as the investigation continues.
In the U. K., the operators of the crypto asset exchange must directly register with the FCA and also follow rules regarding the anti money laundering systems. This has been the situation since January 2021..
Regulatory Path Forward Amid Political Disruptions
Charlotte Tregunna, a crypto fraud expert, noted the difficulty of convincing the FCA of unawareness of these requirements, especially for exchanges previously rejected by the regulator. She highlighted this case as a demonstration of the FCA’s ability to crack down on illegal exchanges but also pointed to the ongoing regulatory uncertainties.
The UK is approaching a general election on July 4, which has disrupted the country’s progress toward full crypto regulation. Tregunna stressed the importance of resuming and accelerating regulatory efforts post-election. She urged that the new government should prioritise steering the UK back onto its regulatory path for crypto assets.
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