FCA Cracks Down on London Crypto Sites Ahead of UK Authorization Gateway
The Financial Conduct Authority (FCA) in Britain has issued cease-and-desist letters to three London-based crypto trading sites suspected of operating illegally. This move comes just 10 days before the opening of the UK's new official crypto authorization gateway on September 30, 2026.
No peer-to-peer cryptocurrency business is currently registered with the FCA. The upcoming authorization regime will separate authorized trading platforms from informal cash dealers, establishing new legal requirements ahead of full mandatory compliance starting October 25, 2027.
According to official agency data, out of 391 determined applications submitted since 2020, only 68 led to registration. This means that most applicants withdrew or were rejected/refused.