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Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
UK Authorities Nab Suspects in £1 Billion Crypto Scandal

Sweeping Raid: UK Authorities Nab Suspects In £1 Billion Crypto Scandal

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant development within the UK’s cryptocurrency landscape, authorities have recently apprehended two individuals linked to an alleged illicit digital currency exchange operation, reportedly involving over £1 billion.

This move underscores an ongoing effort by regulatory bodies to clamp down on unregulated financial activities within the crypto sector.

Related Reading: UK Crypto Advice Firm Shut Down After £5M Losses In Investors’ Money

Arrests Made In Billion-Pound Crypto Laundering Bust

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 have since been released on bail pending further investigations.

The crackdown occurred amidst increasing vigilance against money laundering activities through digital currencies. The FCA’s Executive Director of Enforcement and Market Oversight, Therese Chambers, emphasized the agency’s commitment to expunging “dirty money” from the UK’s financial ecosystem.

During the operation, authorities raided two London properties, seizing several devices as part of the evidence collection process.

As reported by Bloomberg, Under UK financial legislation, all crypto-related businesses must register with the FCA and adhere to strict anti-money laundering (AML) regulations.

Furthermore, the recent actions reflect a broader initiative to tighten oversight on cryptocurrency exchanges and related services, which have been under increased scrutiny due to their potential misuse for financial crimes.

The global crypto market on TradingView
The global digital currency market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

UK Regulatory Pressure Mounts Amid Tightening Crypto Oversight

Speaking of the UK regulator’s crackdown, Binance, the world’s largest digital currency exchange, is still dealing with its legal saga with these regulators.

Just recently, the crypto exchange revealed it is attempting to dismiss much of a £10 billion lawsuit in London, where it is accused alongside other platforms of removing Bitcoin Satoshi Vision (BSV) from their listings.

The case, representing over 200,000 BSV owners, claims the exchanges participated in anti-competitive actions that significantly devalued the digital currency, potentially costing up to £9 billion in losses.

Binance has contested specific aspects of the lawsuit but not its overall admittance under the UK’s collective action framework.

Meanwhile, UK regulatory bodies are advancing their control over digital asset operations. The government recently intends to enact new digital currency regulations within six months, covering various activities from exchange operations to custodial services.

The Economic Secretary highlighted that this new framework would bring numerous crypto asset activities under regulatory oversight for the first time.

Related Reading: Going Crypto: Major UK Banking Firms Test Tokenized Deposits

Additionally, the UK’s Financial Conduct Authority (FCA) is preparing to introduce a consultation for a licensing regime for digital asset firms and is considering equivalence measures for international companies.

This regulatory momentum is underscored by the FCA’s recent approval of the first set of crypto exchange-traded products (ETPs), a significant step in integrating digital assets into the UK’s financial infrastructure.

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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