FCA Cracks Down on Unregistered UK Crypto Trading

The Financial Conduct Authority (FCA) in the UK has cracked down on unregistered peer-to-peer crypto trading, raiding three London premises and issuing cease-and-desist letters to operators. This is the regulator's second coordinated crackdown this year, following a similar action in April.

The FCA worked with HM Revenue & Customs (HMRC) and the Metropolitan Police Service to target suspected illegal activity. No FCA-registered peer-to-peer crypto businesses are currently operating in the UK, according to the regulator.

Unregistered traders can provide a route for criminals to move and launder illicit funds, as they often avoid controls designed to detect and prevent money laundering. Evidence gathered during the earlier operation is being used to support criminal investigations.