UK Court Sentences Two Men Over $2 Million Crypto Scam

The Financial Conduct Authority (FCA) has secured convictions against two individuals involved in a cryptocurrency fraud scheme that netted over $2 million from at least 65 victims. The scams, which involved the sale of fake tokens, took place between February 2017 and June 2019. Both defendants pleaded guilty in 2023, with sentencing finalized this week.

Judge Griffiths noted the defendants 'conspired to drive a coach and horses through the regulatory system' by promoting fraudulent cryptocurrency consultancy services. The FCA's aggressive prosecution reflects its heightened focus on crypto-related financial crimes, including false advertising violations.

This case forms part of a broader regulatory sweep, with the FCA resolving numerous legacy crypto fraud cases—some dating back to 2016. The delayed sentencing timeline underscores the complexity of prosecuting financial crimes in the rapidly evolving digital asset space.