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The U.K. Financial Conduct Authority on Thursday disclosed the arrest of two people in London suspected of running an unlicensed cryptocurrency exchange that handled more than £1 billion over an unspecified period.

Since January 2021, digital assets platforms seeking to serve British customers are required to register with the FCA for anti-money laundering purposes. The regulator has granted authorization to 44 cryptocurrency companies to date, and reports suggest that firms are generally finding it difficult to satisfy the FCA’s compliance requirements.

Thursday’s operation, conducted in cooperation with London’s Metropolitan Police, involved raids on the unlicensed exchange’s business premises and the London residences of the two suspects aged 38 and 44. Both individuals were interviewed under caution by the FCA and released on bail while the investigation continues.

The operation represents a step up from previous FCA raids designed to stop unlicensed Bitcoin ATMs from operating, and comes after U.K. law enforcement agencies and regulators took part in a one-year “cell” for sharing intelligence on unlicensed cryptocurrency brokers suspected of serving organized criminals.