UK Cracks Down on Illicit Crypto Businesses as Kenya Moves Towards Regulation

The Financial Conduct Authority (FCA) in Britain has conducted its second coordinated operation against suspected illegal peer-to-peer (P2P) crypto businesses in London in less than six months. The latest operation, which took place on September 10, targeted three premises and issued cease-and-desist letters at all locations.

The FCA is working with HM Revenue & Customs and the Metropolitan Police to disrupt illegal crypto activity. According to Steve Smart, Executive Director of Enforcement and Market Oversight, 'Anyone running an unregistered peer-to-peer crypto business should assume we are looking at them.'

The operation follows an April 2026 crackdown on eight London premises, where evidence gathered is now being used for criminal investigations and further enforcement action.

Kenya's Capital Markets Authority has also started pursuing P2P-related fraud through existing laws. A 2026 review notes that Kenyan authorities arrested a Binance P2P trader linked to an alleged fraud case.