Two arrested for running an illegal unregistered £1 billion crypto exchange in London – London Business News | London Wallet

The Financial Conduct Authority (FCA) has said that two arrests have been made after they were running an “illegal crypto exchange” in London.

The Metropolitan Police said that two suspects aged 38 and 44 were arrested and digital devices were seized at their residential properties.

It is believed that more than £1 billion unregistered crypto assets are thought to have been bought and sold in the capital.

Both have been released on bail and the FCA confirmed that an investigation 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.