FCA Cracks Down on Unregistered P2P Crypto Trading in London
The UK's Financial Conduct Authority (FCA) has taken a tougher stance on peer-to-peer cryptocurrency trading in London. In a recent crackdown, the FCA targeted three locations along with HM Revenue & Customs and the Metropolitan Police.
These businesses were handed cease-and-desist letters for operating without registration. Peer-to-peer trading involves individuals buying and selling cryptocurrencies directly with each other, but anyone conducting P2P crypto trading by way of business in the UK must have the appropriate FCA registration.
The FCA stated that there are currently no registered P2P crypto businesses operating in the UK. In a warning to unregistered operators, Steve Smart, executive director of enforcement and market oversight at the FCA, said 'Anyone running an unregistered peer-to-peer crypto business should assume we are looking at them.'
The crackdown is part of the FCA's ongoing efforts to combat money laundering in the cryptocurrency space. The Metropolitan Police Service added that they will continue to adapt their investigative capabilities to keep pace with evolving criminal methods.