FCA Cracks Down on Unregistered Crypto Trading in London

The Financial Conduct Authority (FCA) has stepped up its enforcement efforts against illegal peer-to-peer crypto trading in London. The regulator, along with HMRC and the Metropolitan Police, inspected three commercial premises suspected of operating unregistered crypto businesses.

The action took place on September 10, with the FCA publishing details on September 17. Cease-and-desist notices were issued, and teams gathered intelligence from the businesses involved.

The FCA's focus is on physical or P2P businesses operating outside the regulatory framework. This includes anti-money-laundering registration and financial promotions rules that came into effect recently.