(Bloomberg) -- The UK’s financial watchdog and London police arrested two people in connection with an alleged illegal cryptocurrency exchange worth more than £1 billion ($1.3 billion). 

The Financial Conduct Authority said Thursday the pair, 38 and 44-years old, were released on bail and the investigation is ongoing.

“The FCA has an important role to play in keeping dirty money out of the UK financial system,” Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA said in a statement. 

The suspects’ offices were raided and police seized devices in searches of two London properties, the FCA said. No further information was given while the investigation continues.

Under UK financial rules, crypto businesses need to be registered with the FCA under money laundering rules. 

Britain’s courts and regulators are increasingly dealing with cases involving illicit crypto as agencies grapple with the unregulated asset. A woman was sentenced to over six years in jail in May after laundering Bitcoin linked to an alleged $5.6 billion investment fraud in China.

In a separate probe the FCA charged nine social media influencers — with a combined following of 4.5 million people on Instagram — for promoting an unauthorized foreign exchange trading scheme. 

(Updates with details on separate investigations in last two paragraphs)

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