The UK Financial Conduct Authority (FCA) has carried out its first joint operation to disrupt illegal peer-to-peer crypto trading across multiple London locations, targeting activity it says must be appropriately registered. The FCA visited eight premises suspected of running unregistered peer-to-peer crypto trading and issued cease and desist letters requiring traders to stop immediately. The operation was conducted with HM Revenue & Customs and the South West Regional Organised Crime Unit. Evidence gathered during on-site inspections is supporting a number of ongoing criminal investigations. The FCA noted that there are currently no FCA-registered peer-to-peer crypto traders or platforms operating in the UK, and said the action was taken under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The FCA reiterated that consumers should only deal with firms registered with the FCA and that crypto remains a high-risk investment, while continuing to work with domestic and international partners to tackle financial crime.
Financial Conduct Authority 2026-04-22
UK Financial Conduct Authority conducts first multi-agency crackdown on illegal peer-to-peer crypto trading in London
The UK Financial Conduct Authority has conducted its first joint operation with HM Revenue & Customs and the South West Regional Organised Crime Unit to disrupt illegal, unregistered peer-to-peer crypto trading across multiple London locations, issuing cease and desist letters at eight premises. Evidence from the inspections is feeding into ongoing criminal investigations, with the authority stressing there are currently no FCA-registered peer-to-peer crypto traders or platforms in the UK and that its action is taken under the Money Laundering Regulations 2017.