UK Cracks Down on Illicit P2P Crypto Trading for Second Time in Six Months
The UK's Financial Conduct Authority (FCA) has launched its second crackdown on illegal peer-to-peer (P2P) cryptocurrency trading in six months. The regulator, working with HM Revenue & Customs and the Metropolitan Police Service, targeted three London premises suspected of operating unregistered crypto businesses.
P2P crypto trading involves individuals buying and selling digital assets directly with one another, but anyone conducting such activity by way of business in Britain is required to obtain registration. The FCA has emphasized that there are currently no registered peer-to-peer crypto businesses operating in the UK.
The unregistered operators could provide a route for criminals to move and launder illicit funds because they operate outside controls designed to detect and prevent money laundering, said Steve Smart, Executive Director of Enforcement and Market Oversight at the FCA. He warned that anyone running an unregistered peer-to-peer crypto business should assume they are being looked at.