FCA Cracks Down on Illegal Crypto Trading in London

The Financial Conduct Authority (FCA) has taken action against an illegal peer-to-peer crypto trading operation in London. The regulator issued cease and desist letters to three suspected premises on September 10, shutting down the illicit business.

Steve Smart, executive director of enforcement and market oversight at the FCA, warned that 'anyone running an unregistered peer-to-peer crypto business should assume we are looking at them.'

The crackdown comes as part of a broader effort to combat illegal crypto activity. Peer-to-peer trading involves individuals engaging in direct cryptocurrency transactions with each other, which is not permitted without FCA authorisation.