FCA busts $1.2 billion crypto business in the UK

Two suspects, aged 38 and 44, were arrested as part of a Financial Conduct Authority and UK Metropolitan Police operation in the United Kingdom. The duo was apprehended because of their alleged involvement in a $1.2 billion undeclared crypto business.

The pair had a cryptoassets business and handled more than $1.2 billion of unregistered crypto assets through their operation. The individuals arrested in connection with the scheme have been released on bail as of the time of reporting.

Yet, the FCA’s message is clear – the police and regulators are cracking down on all aspects of crypto that may not be following the letter of the law. Raids on the victims’ living premises and business offices led to the collection of digital devices that are associated with the operation, authorities said in a statement.

This is one of the first instances in which UK police has been able to seize and freeze crypto assets under a new power mandate vested into it by lawmakers. As to the FCA, the regulator’s executive director of enforcement and market oversight, Therese Chambers, issued a rallying cry to authorities, arguing that they have an obligation to keep “dirty money” out of the UK financial system.

The FCA is among those who should lead this charge. Since January 2021, all crypto asset-related businesses must be registered locally. Failure to do so would result in a  comprehensive  legal action against the businesses.

The watchdog has also been cautious to not overstep its purview. The FCA has been frequently issuing public updates, reminding citizens about their responsibilities when it comes to crypto assets, and also urging private investors to be careful with buying into digital goods that they may not understand or that appear to be too good to be true.

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