British authorities apprehend one individual linked to a 200 million cryptocurrency scheme

Byadmin

Jun 21, 2024
British authorities apprehend one individual linked to a 200 million cryptocurrency schemeBritish authorities apprehend one individual linked to a 200 million cryptocurrency scheme

British authorities have recently arrested two individuals suspected of engaging in illegal digital currency exchange operations, with transactions exceeding £100 million. The Financial Conduct Authority (FCA) and the London Police collaborated in the enforcement action, conducting an investigation into a 38-year-old and a 44-year-old man. Both individuals have since been released on bail, pending further investigation.

During the operation, authorities carried out raids on two properties in London and seized several devices as evidence. According to Bloomberg, under UK financial law, all individuals involved in cryptocurrency businesses must register with the FCA and comply with strict anti-money laundering rules.

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These actions are seen as part of broader efforts to strengthen regulation of securities exchanges and related services, which have come under increasing scrutiny due to the potential for financial crimes.

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