The Financial Conduct Authority (FCA) has announced that it has conducted an operation along with the Metropolitan Police Service and arrested two individuals suspected of running an illegal crypto exchange on 20 June 2024.
Two Arrested In FCA Crypto Operation, Italy Toughens Monitoring Of Crypto Assets
Based on the FCA’s press release, it is suspected that this business bought and sold more than £1bn in crypto assets. The UK’s financial watchdog reportedly inspected the suspects’ offices, while the police confiscated several devices during their search of two London residences.
After questioning by the FCA, the suspects, aged 38 and 44, were released on bail. As of 10 January 2021, UK money laundering legislation requires the registration of a crypto exchange with the FCA. The regulator’s executive director of enforcement and market oversight, Therese Chambers, commented:
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.
In other crypto news, Italy will sharpen its monitoring of crypto-based risks. Proposed penalties contained in a draft decree include fines of between €5,000 and €5m for insider trading, unlawful disclosure of internal information and market manipulation.
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The Italian cabinet was due to approve this decree late on Thursday 20 June 2024. Reuters indicated that central banks and other international authorities red-flagged the arbitrary nature of cryptocurrencies and how these assets can endanger economic stability.
The decree aligns itself with the European regulatory framework. In Italy, the central bank and CONSOB, the country’s financial regulator, oversee “the orderly functioning of markets.”
