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

The UK's Financial Conduct Authority (FCA) has taken action against three peer-to-peer crypto trading sites in London, working with HM Revenue & Customs and the Metropolitan Police Service. The operation follows a previous action in April targeting illegal peer-to-peer crypto businesses.

Cease and desist letters were issued to the three locations, requiring the traders to stop any suspected illegal crypto businesses. Peer-to-peer crypto trading involves individuals buying and selling crypto directly with each other, but where it's done as a business, the operator must be registered with the FCA.

Steve Smart, Executive Director of Enforcement and Market Oversight at the FCA, said 'Working with partners, we continue to track and disrupt illegal crypto activity. Anyone running an unregistered peer-to-peer crypto business should assume we are looking at them.'