FCA Cracks Down on Unregistered Crypto Trading in London

The Financial Conduct Authority (FCA) has cracked down on illegal peer-to-peer (P2P) crypto trading in London, inspecting three commercial premises and issuing cease-and-desist notices.

The action, which took place on September 10, involved HMRC and the Metropolitan Police, and targeted unregistered P2P businesses operating outside of the UK's regulatory framework.

The FCA is currently overhauling crypto regulation in the UK, with a new authorisation gateway set to open at the end of September. However, firms that operate outside this framework remain enforcement targets.