FCA Cracks Down on Unregistered Peer-to-Peer Crypto Trading in London

The Financial Conduct Authority (FCA) conducted an enforcement operation in London to target unregistered peer-to-peer crypto trading. Eight locations were visited by officials from the FCA, HM Revenue & Customs, and the South West Regional Organised Crime Unit.

At each site, cease-and-desist notices were issued requiring operators to stop immediately. The evidence collected is supporting active criminal investigations.

The FCA's executive director of enforcement and market oversight, Steve Smart, stated that unregistered peer-to-peer traders in the U.K. are breaking the law and creating financial crime risks.