The UK Cracks Down on Unregistered P2P Crypto Businesses

The UK's Financial Conduct Authority (FCA) has stepped up its enforcement against unregistered peer-to-peer cryptocurrency businesses, targeting three London premises suspected of operating outside anti-money laundering rules.

In a joint operation with HM Revenue & Customs and the Metropolitan Police on September 10, cease and desist letters were issued to all three premises requiring operators to stop any suspected illegal crypto business. The FCA did not name the businesses or individuals involved in this latest crackdown.

This is the second London-focused crackdown by the regulator this year, following eight premises being targeted in April. 'Anyone running an unregistered peer-to-peer crypto business should assume we are looking at them,' said Steve Smart, executive director of enforcement and market oversight at the FCA.