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Two Arrested in UK on Suspicion of Running Illegal Crypto Exchange
Seven crypto ATMs were also found and seized by the FCA.
Updated Jul 28, 2025, 8:27 a.m. Published Jul 17, 2025, 12:42 p.m.
What to know:
- Two individuals were arrested on suspicion of money laundering and for illegally operating a crypto exchange.
- "If you’re operating a crypto ATM or exchange illegally, then you should expect serious consequences," Therese Chambers, executive director of enforcement and market oversight at the FCA, said.
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Two individuals were arrested on suspicion of money laundering and for illegally operating a crypto exchange, a release by the Financial Conduct Authority said on Thursday.
"The two suspects were interviewed under caution and released under investigation while enquiries continue," the release said. The release didn't share the suspects' names or the name of the exchange.
STORY CONTINUES BELOW
The FCA has been registering crypto companies to operate in the country and comply with money laundering rules since 2020. So far, 55 companies have managed to land on the FCA's crypto register. Operating a crypto exchange or a crypto ATM in the U.K. without FCA registration is illegal.
Seven crypto ATMs were also found and seized by the FCA after four premises across southwest London were searched in an operation led by both the regulator and the Metropolitan Police Service, the release said.
"If you’re operating a crypto ATM or exchange illegally, then you should expect serious consequences," Therese Chambers, executive director of enforcement and market oversight at the FCA, said in the release.
The FCA has been cracking down on illegal crypto ATM operations. In February, It secured a four year sentence against Olumide Osunkoya, 46, for illegally operating a crypto ATM network.
CORRECTION (July 28, 08:23 UTC): Corrects to say the FCA has been registering crypto companies since 2020, a previous version said it was from 2021.
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