According to a recent announcement by the Financial Conduct Authority, two individuals have been taken into custody on suspicion of operating an unlicensed cryptocurrency exchange and money laundering. The suspects, whose names have not been disclosed, were questioned and subsequently released pending further investigation. The operation, which was conducted jointly with the Metropolitan Police Service, resulted in the seizure of seven cryptocurrency ATMs from four premises in southwest London.
The FCA has been actively regulating cryptocurrency companies since 2020, with 55 firms currently registered to operate in the UK. Operating a cryptocurrency exchange or ATM without proper registration is considered a serious offense. The FCA's executive director of enforcement and market oversight, Therese Chambers, warned that those engaging in illegal cryptocurrency activities can expect severe consequences. This crackdown is part of the FCA's ongoing efforts to combat illegal cryptocurrency operations, including a recent case in which a 46-year-old individual was sentenced to four years for operating an unlicensed cryptocurrency ATM network.