ARTICLE · 09 SEPTEMBER 2024

UK Arrests In Alleged £1 Billion Illegal Crypto Firm

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On 20 June 2024, the UK Financial Conduct Authority and London police arrested two individuals connected to an illegal cryptocurrency exchange worth over £1 billion. This follows new powers granted to UK authorities for cryptoasset seizure and recovery.

United KingdomTechnology

On 20 June 2024 the Financial Conduct Authority, the UK's financial watchdog, and London police arrested two people in connection with an alleged illegal cryptocurrency exchange worth more than £1 billion. The arrest followed searches on two properties. The arrests come on the heels of UK authorities being granted new powers in relation to the seizure and confiscation of cryptoassets.

Background

According to the FCA website, more than £1 billion of unregistered cryptoassets are believed to have been bought and sold through this business. The FCA inspected the offices associated with the suspects and the police seized several digital devices during searches of two residential London properties.

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