FCA and Metropolitan Police Arrest Two in £1 Billion Cryptoasset Crackdown
The post FCA and Metropolitan Police Arrest Two in £1 Billion Cryptoasset Crackdown appeared first on Coinpedia Fintech News
The Financial Conduct Authority (FCA), alongside the Police, have recently arrested two men who were running an unregulated exchange for crypto assets. The arrests demonstrate a significant achievement in the progression of the crackdown on the utilization of crypto in unlawful activities in the region.
The suspects, one 38 years old and the second 44 years old, are accused of assisting in purchasing and reselling more than £1 billion worth of unregistered cryptocurrency.
The investigation of the FCA, therefore, led to the search of offices affiliated with the suspects and consequently the search of two, residential premises in London from where the agency retrieved several digital gadgets.
In the coordinated procedure, both suspects were released on bail after they were given police caution from the FCA.
Ms Therese Chambers, the Executive Director of Enforcement and Market Oversight at FCA also specially pointed out the cryptoasset exchanges for compliance. The FCA will continue to do all that is within its power not to allow dirty money into the UK financial system, she said: “These arrests demonstrate that we will take all reasonable measures to prevent cryptocurrency firms from engaging in illegal activities in the UK.
Under the UK legislation, the exchange of crypto-assets is restricted and can only be provided by the firms registered at FCA, and the money laundering regulations are firmly enforced in the United Kingdom. This maintains accountability in the running of the organization and combating illicit activities within the financial system.
The operation is indicative of the FCA’s efforts to ensure that the UK financial system remains credible and sustainable, adding to the growing emphasis on the crypto space. Due to the increasing use of crypto assets, there is a need to tighten the rules for usage to ensure that wrongdoers do not take advantage leading to great losses to investors.
It can also be seen that FCA has no tolerance for any illegitimate operations and the firm assertion continues to deep that the country is vigilant on the financial crime.
