In a bold move, UK authorities have arrested two individuals suspected of operating a massive illegal crypto exchange worth over £1 billion ($1.3 billion). The Financial Conduct Authority (FCA) is investigating the duo, aged 38 and 44, who have been released on bail but face the scrutiny of the financial watchdog.

The FCA has been vigilant in its oversight of crypto exchanges since January 2021, requiring them to register and adhere to strict anti-money laundering regulations. The authority has shown its teeth by shutting down non-compliant businesses and even pursuing criminal charges.

The recent arrests demonstrate the FCA's commitment to keeping the UK financial system clean. "We will do everything in our power to stop crypto firms from operating illegally in the UK," said Therese Chambers, executive director of enforcement and market oversight at the FCA.

The regulator has also warned investors to exercise caution when dealing with cryptoassets, labeling them "high-risk" and emphasizing the lack of protection for losses. The FCA has dedicated significant resources to overseeing crypto asset businesses, conducting in-depth analyses and on-site visits to combat financial crime.

The message is clear: the UK will not tolerate illegal crypto operations, and the industry must comply with regulations or face the consequences.