FCA Cracks Down on Unregistered London Crypto Firms

The Financial Conduct Authority (FCA) has taken enforcement action against three London premises suspected of operating unregistered peer-to-peer crypto businesses.

On September 10, teams from the FCA, HMRC, and Metropolitan Police inspected the commercial properties, issuing cease-and-desist notices and gathering intelligence on the activities.

The targeted firms are not licensed UK exchanges but rather physical or P2P businesses operating outside the regulatory framework. The distinction is significant as the UK overhauls its crypto regulation, with new authorization requirements set to take effect at the end of September.