Euro trading

A crypto platform illegally traded more than £1 billion worth of unregistered cryptoassets, authorities in the U.K. are alleging.

In a notice Thursday, the U.K.’s Financial Conduct Authority (FCA) said two people have been arrested on suspicion of operating an illegal crypto exchange, following a joint investigation by the regulator and the Metropolitan Police Service.

“Both suspects were interviewed under caution by the FCA and released on bail,” the regulator said.

The FCA also inspected the suspects’ offices and police seized several digital devices following searches of two residential properties in London, the regulator said.

To operate legally in the U.K., crypto exchanges must be registered with the FCA, and they are required to comply with the U.K.’s money-laundering regulations.

“The FCA has an important role to play in keeping dirty money out of the UK financial system. These arrests show 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, in a release.

The regulator said its investigation into the case is ongoing.