The Financial Conduct Authority (FCA) has recently announced the arrest of several individuals involved in illegal crypto assets businesses worth $1.2 billion. These suspects were allegedly operating unauthorized investment schemes, primarily focusing on cryptocurrencies.

The FCA's investigation revealed that the illegal businesses were using social media platforms to attract potential investors and falsely claimed to be affiliated with reputable companies. They enticed investors with promises of high returns and employed sophisticated techniques to convince victims of their legitimacy.

The suspects were also alleged to have used false endorsements from prominent figures in the crypto industry to add credibility to their operations. They were found to be operating without the necessary regulatory permissions, putting investors at significant risk.

The FCA has requested the assistance of social media platforms in tackling the issue of illegal crypto assets businesses, urging them to remove fraudulent advertisements and raise awareness among users about potential scams. The regulatory authority is also working alongside law enforcement agencies to bring the suspects to justice.

The bust by the FCA emphasizes the importance of conducting thorough due diligence before investing in crypto assets. Investors should verify the legitimacy and regulatory status of any company offering investment opportunities, especially in the fast-growing and often uncertain world of cryptocurrencies.