Police help FCA raid £1bn unauthorised London crypto exchange

The FCA, aided by the Metropolitan Police, is investigating what they believe is an illegal cryptoasset exchange in London. Run from two residential properties, which the regulator and the police searched, the organisation is thought to have bought and sold more than £1 billion of unregistered cryptoassets. Two individuals, aged 38 and 44, were arrested as suspects, interviewed under caution by the Financial Conduct Authority and then released on bail.

By Neasa MacErlean

The investigation is continuing, although theregulator saysit "cannot comment further at this time but will make further announcements when appropriate". During the searches, the FCA and police officers seized "several digital devices".