FCA Cracks Down on Illegal Crypto Trading in London
The Financial Conduct Authority (FCA) has stepped up its crackdown on illegal peer-to-peer crypto trading in London, targeting three suspected unregistered businesses as part of a joint operation with HM Revenue & Customs and the Metropolitan Police.
The operation, which took place on September 10, saw cease and desist letters issued to traders operating from three premises suspected of conducting unauthorized crypto asset trading activity. The FCA warned that anyone carrying out peer-to-peer crypto trading 'by way of business' in the UK must be appropriately registered with the FCA.
The regulator emphasized that unregistered businesses can create opportunities for criminals to move and launder illicit funds by operating outside the UK's anti-money laundering regime. In a statement, Steve Smart, executive director of enforcement and market oversight at the FCA, said: 'Working with partners, we continue to track and disrupt illegal crypto activity. Anyone running an unregistered peer-to-peer crypto business should assume we are looking at them.'