Close Menu
Finance Pro
  • Home
  • Art Gallery
  • Art Investment
  • Art Stocks
  • Cryptocurrency
  • Finance
  • Investing in Art
  • Investments
Facebook X (Twitter) Instagram
Trending
  • Extraordinary sculptures among artwork at Tyrrell Art Gallery’s exhibition at C3 Church in Cambridge
  • Aspen Art Week 2025: The Fairs and Aspen Art Museum
  • Marty Herman: Building a Legacy of Art and Integrity in Sedona
  • Small Worlds exhibition at the Winchester Gallery, Hampshire
  • Next Cryptocurrency to Explode, 16 July — Staika, CoW Protocol, Morpho
  • Cryptocurrency regulation is clear, and BJMINING cloud mining is gaining popularity
  • XRP Mining Introduces Intuitive Mobile App for Simplified Cryptocurrency Cloud Mining
  • Cardano (ADA) surges 37% but experts believe Mutuum Finance (MUTM) will be the next Crypto to hit $1
  • Privacy Policy
  • Terms and Conditions
  • Get In Touch
Finance ProFinance Pro
  • Home
  • Art Gallery
  • Art Investment
  • Art Stocks
  • Cryptocurrency
  • Finance
  • Investing in Art
  • Investments
Finance Pro
Home»Cryptocurrency»Two arrested over ‘running illegal £1bn cryptocurrency exchange’ in London | UK News
Cryptocurrency

Two arrested over ‘running illegal £1bn cryptocurrency exchange’ in London | UK News

June 20, 20243 Mins Read


The pair, aged 38 and 44, were questioned and released on bail after a search of their offices in the capital, the Financial Conduct Authority said.



Thursday 20 June 2024 14:28, UK

Two people have been arrested on suspicion of running an illegal exchange thought to have traded more than £1bn worth of cryptocurrency.

The Financial Conduct Authority (FCA) searched the London offices of the suspects, aged 38 and 44, while the Metropolitan Police seized digital devices from two residential properties in the capital.

More than £1bn worth of unregistered crypto assets are believed to have been bought and sold through the exchange.

Money Blog latest: Interest rates held again

Both suspects were interviewed under caution before being released on bail and the FCA says its investigation into the case was ongoing.

Therese Chambers, executive director of enforcement and market oversight at the FCA, said: “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.”

Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

The arrests follow a recent global crackdown on crypto companies after the collapse of some of the biggest firms in the sector, leading to millions of people losing money they had invested in cryptocurrencies.

The high-profile implosion of FTX, the crypto exchange run by Sam Bankman-Fried, saw the mogul sentenced to 25 years in prison in the US for defrauding customers and investors.



Image:
Sam Bankman-Fried. Pic: Reuters

Meanwhile, Changpeng “CZ” Zhao, the founder of crypto exchange Binance, was sentenced to four months in prison in April for allowing criminals to launder money on his platform.

Zhao, who resigned from Binance in November, pleaded guilty to breaking US money laundering laws.

Binance is still operating and remains the biggest crypto exchange in the world by transaction volumes.


This is a limited version of the story so unfortunately this content is not available.

Open the full version

Read more from Sky News:
Temperatures set to rise across UK

Second Tory candidate facing betting probe

The FCA has a register of so-called authorised crypto companies which are allowed to operate from the UK.

Currently, the list numbers 45, including crypto spinoffs set up by financial giants such as Fidelity, Standard Chartered, and Japanese investment bank Nomura.

But a separate list of crypto companies the regulator suspects of operating illegally in the UK has more than 13,000 businesses on it.

The FCA also forces registered crypto firms to prove they comply with UK money laundering regulations in order to operate legally.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Next Cryptocurrency to Explode, 16 July — Staika, CoW Protocol, Morpho

July 16, 2025 Cryptocurrency

Cryptocurrency regulation is clear, and BJMINING cloud mining is gaining popularity

July 16, 2025 Cryptocurrency

XRP Mining Introduces Intuitive Mobile App for Simplified Cryptocurrency Cloud Mining

July 16, 2025 Cryptocurrency

Statewide Effort Launched To Prevent Cryptocurrency Scams

July 16, 2025 Cryptocurrency

Cryptocurrency News Live: Bitcoin, Ethereum, Solana, memecoin updates; check prices, m-cap, more

July 15, 2025 Cryptocurrency

The cryptocurrency market is soaring, and major users are using RDG Mining, with 45,000 new users in a single day

July 15, 2025 Cryptocurrency
Add A Comment
Leave A Reply Cancel Reply

Don't Miss

Extraordinary sculptures among artwork at Tyrrell Art Gallery’s exhibition at C3 Church in Cambridge

July 16, 2025 Art Gallery 2 Mins Read

Tyrrell Art Gallery will host an international art exhibition at the C3 Church in Cambridge…

Aspen Art Week 2025: The Fairs and Aspen Art Museum

July 16, 2025

Marty Herman: Building a Legacy of Art and Integrity in Sedona

July 16, 2025

Small Worlds exhibition at the Winchester Gallery, Hampshire

July 16, 2025
Our Picks

Extraordinary sculptures among artwork at Tyrrell Art Gallery’s exhibition at C3 Church in Cambridge

July 16, 2025

Aspen Art Week 2025: The Fairs and Aspen Art Museum

July 16, 2025

Marty Herman: Building a Legacy of Art and Integrity in Sedona

July 16, 2025

Small Worlds exhibition at the Winchester Gallery, Hampshire

July 16, 2025
Our Picks

Villepin, a Hong Kong gallery with Indian roots, changes its interiors with every new show

July 16, 2025

Three Indian galleries expand their presence in London with a unique showcase

July 16, 2025

A depressed art market may present a historical buying opportunity, say CKGSB and SDA Bocconi

July 16, 2025
Latest updates

Extraordinary sculptures among artwork at Tyrrell Art Gallery’s exhibition at C3 Church in Cambridge

July 16, 2025

Aspen Art Week 2025: The Fairs and Aspen Art Museum

July 16, 2025

Marty Herman: Building a Legacy of Art and Integrity in Sedona

July 16, 2025
Weekly Updates

Will Tariffs Reshape The Art Market?

March 3, 2025

Legendary New York Art Dealer Paula Cooper Opens Up About Her Path to Power

August 22, 2024

Revamped Islands to Ice exhibition to open at Tasmanian Museum and Art Gallery

August 8, 2024
  • Privacy Policy
  • Terms and Conditions
  • Get In Touch
© 2025 Finance Pro

Type above and press Enter to search. Press Esc to cancel.