Authorities seized devices and interviewed suspects, who were then released on bail.
The exchange allegedly facilitated over £1 billion in unregistered crypto asset transactions.
FCA says 90,000 retail investors lost £75m on CFDs at a single firm promoted by finfluencers
The Financial Conduct Authority (FCA) collaborated with the
Metropolitan Police Service to apprehend two individuals, aged 38 and 44,
suspected of managing an illicit crypto asset exchange.
The operation was prompted by suspicions that the exchange
facilitated transactions exceeding £1 billion in unregistered crypto assets.
Suspects Released on Bail
The FCA conducted inspections at premises linked to the
suspects, where the police executed searches and seized multiple digital
devices from two residential properties in London.
Therese Chambers, Executive Director of Enforcement and Market Oversight, FCA, Source: LinkedIn
Following these actions, both suspects were questioned under
caution by the FCA and subsequently released on bail. The investigation by the
FCA remains ongoing. Under UK regulations, crypto asset exchange providers are
required to be registered with the FCA and adhere to anti-money laundering
protocols to operate lawfully within the country.
Therese Chambers, Executive Director of Enforcement and
Market Oversight at the FCA, said: “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.”
Alleging Fraud in High-Risk Forex and Pension Investment
Schemes
The scheme
involved unauthorized trading of high-risk Contracts for Difference (CFDs).
Other individuals are also charged with issuing unauthorized financial
promotions and are set to appear in court on June 13, 2024.
Additionally, the FCA
has charged Kristofer McGuire, Keith Williamson, and Karla Walker with
fraud connected to a high-risk trading scheme targeting pension investments in
CFDs. Victims were allegedly misled into investing, resulting in significant
financial losses exceeding £8 million.
The FCA's investigation uncovered
misleading claims about the victims' professional investor status and
detrimental trading strategies designed to generate substantial commissions.
McGuire, Williamson, and Walker are slated to appear in court to address these
charges.
The Financial Conduct Authority (FCA) collaborated with the
Metropolitan Police Service to apprehend two individuals, aged 38 and 44,
suspected of managing an illicit crypto asset exchange.
The operation was prompted by suspicions that the exchange
facilitated transactions exceeding £1 billion in unregistered crypto assets.
Suspects Released on Bail
The FCA conducted inspections at premises linked to the
suspects, where the police executed searches and seized multiple digital
devices from two residential properties in London.
Therese Chambers, Executive Director of Enforcement and Market Oversight, FCA, Source: LinkedIn
Following these actions, both suspects were questioned under
caution by the FCA and subsequently released on bail. The investigation by the
FCA remains ongoing. Under UK regulations, crypto asset exchange providers are
required to be registered with the FCA and adhere to anti-money laundering
protocols to operate lawfully within the country.
Therese Chambers, Executive Director of Enforcement and
Market Oversight at the FCA, said: “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.”
Alleging Fraud in High-Risk Forex and Pension Investment
Schemes
The scheme
involved unauthorized trading of high-risk Contracts for Difference (CFDs).
Other individuals are also charged with issuing unauthorized financial
promotions and are set to appear in court on June 13, 2024.
Additionally, the FCA
has charged Kristofer McGuire, Keith Williamson, and Karla Walker with
fraud connected to a high-risk trading scheme targeting pension investments in
CFDs. Victims were allegedly misled into investing, resulting in significant
financial losses exceeding £8 million.
The FCA's investigation uncovered
misleading claims about the victims' professional investor status and
detrimental trading strategies designed to generate substantial commissions.
McGuire, Williamson, and Walker are slated to appear in court to address these
charges.
Why Prediction Markets Are Keeping Users When DeFi Cannot
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
