The Financial Conduct Authority (FCA) has arrested two individuals suspected of operating an illegal cryptocurrency exchange responsible for trading over £1 billion ($1.2 billion) in unregistered crypto assets. The arrests follow raids on associated offices where multiple digital devices were seized. Therese Chambers, the FCA's executive director of enforcement, emphasised the regulator's commitment to preventing illegal financial activities, stating that the arrests demonstrate their determination to halt illicit crypto operations in the UK. The suspects have been interviewed and released on bail pending further investigation. Compliance with FCA regulations, including registration and money laundering protocols, has been mandatory for crypto exchanges in the UK since January 2021.