The Financial Conduct Authority has worked alongside the Metropolitan Police Service to arrest two individuals suspected of running a £1bn illegal cryptoasset business.
The individuals, who have not been named, allegedly bought and sold more than £1bn of unregistered cryptoassets through the business.
The FCA said it inspected the offices associated with the suspects and the police seized several digital devices during searches of two residential London properties.
Both suspects were interviewed under caution by the regulator and were released on bail. The FCA confirmed its investigation into the case is ongoing.
Therese Chambers, executive director of enforcement and market oversight at the FCA, said: “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.”
Since January 10 2021, cryptoasset businesses providing certain cryptoasset services in the UK must be registered with the FCA and comply with the requirements of the regulations.
The regulator can impose directions on cryptoasset businesses which can prevent them from operating.
alina.khan@ft.com
