The United Kingdom is taking strong action against illegal crypto services. This is evident in the recent arrest of a pair suspected of running an illegal crypto company. The Financial Conduct Authority (FCA), in collaboration with the national police, made the arrests.
The two individuals, aged 38 and 44, were questioned after their arrest and later released on bail. During the investigation, the FCA searched the pair’s offices for evidence, and local police confiscated digital equipment.
According to the regulator’s statement, the company is alleged to have facilitated the buying and selling of over £1 billion worth of unregistered crypto assets. The investigation is ongoing, and no further details were provided.
In the UK, it has been mandatory since January 2021 for crypto services to register with the FCA. Only 44 companies have managed to register, while over 300 have attempted to do so. The country has also recently given its police more powers to combat criminal activities with cryptocurrencies, including the ability to seize and freeze crypto-related assets.
The FCA has emphasized its commitment to preventing illegal crypto activities in the UK, stating that it has a crucial role in keeping criminal money out of the country’s financial system.