UK arrests two individuals linked to a 1 billion cryptocurrency scheme

Authorities in the United Kingdom recently arrested two individuals connected to an alleged illegal digital currency exchange operation processing over £1 billion.
The arrests, carried out by the Financial Conduct Authority (FCA) in collaboration with the London police, targeted a 38-year-old and a 44-year-old, who were subsequently released on bail pending further investigations.
During the operation, authorities raided two properties in London, seizing several devices as evidence.
According to Bloomberg, under the financial regulations of the United Kingdom, all individuals involved in crypto businesses are required to register with the FCA and adhere to strict anti-money laundering rules.
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These actions are believed to be part of a broader initiative to tighten oversight on cryptocurrency exchanges and related services, which are increasingly scrutinized for their potential involvement in financial crimes.