FCA Cracks Down on Unregistered Crypto Trading in London

The UK's Financial Conduct Authority (FCA) has taken action against unregistered peer-to-peer cryptocurrency trading in London, targeting three premises suspected of operating illegally. Working with tax officials and police under money laundering and terrorist financing regulations, the FCA issued cease and desist letters at each site.

Executive director Steve Smart warned that anyone running an unregistered peer-to-peer crypto business should assume they are being looked at by regulators. The operation follows a similar crackdown in April, when the regulator targeted eight London addresses suspected of illegal peer-to-peer crypto trading.

The FCA emphasized that there are currently no registered peer-to-peer crypto trading businesses operating in Britain, making such operations illegal when conducted as a business. Crypto assets are considered high-risk investments and remain largely unregulated, except for anti-money laundering requirements and rules governing financial promotions.