The British Financial Conduct Authority (FCA), in collaboration with the Metropolitan Police Service, has arrested two individuals suspected of operating an illegal multi-billion crypto exchange.

According to a recent FCA press release, authorities believe that over £1 billion ($1.2 billion) worth of unregistered cryptocurrency has been traded through this business. The names of the arrested individuals and the exchange they were running have not been disclosed.

The FCA reported conducting inspections at the suspects’ associated offices, with police seizing several digital devices during searches of two residential properties in London.

“Both suspects were interviewed under caution by the FCA and released on bail. The FCA’s investigation into the case is ongoing,”

Commenting on the arrests, Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, emphasized that the agency will do everything in its power to prevent crypto firms from operating illegally in the U.K.

Under U.K. law, crypto exchange providers must register with the FCA and comply with money laundering regulations to operate legally. Not all international crypto companies have been granted licenses to offer services in the U.K., with some major players becoming unavailable after the FCA crackdown.

In early May, the U.K. Treasury presented a report on its work over the past two years, highlighting efforts in monitoring the crypto market. The document, titled “Anti-Money Laundering and Counter-Terrorist Financing,” revealed that between 2022 and 2023, the FCA examined the activities of 238 firms, with approximately one-third of its staff involved in overseeing crypto-related operations.

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