UK FCA Cracks Down on Unregistered Crypto Trading
The UK's Financial Conduct Authority (FCA) has launched a crackdown on unregistered peer-to-peer crypto trading, issuing cease-and-desist orders at three locations in London. The FCA is working with the Metropolitan Police Service and HM Revenue & Customs to target suspected illegal activity.
No registered firms currently enable peer-to-peer crypto trading in the UK, according to the FCA. Unregistered trading can facilitate financial crime, such as money laundering.
Steve Smart, executive director of enforcement and market oversight at the FCA, warned that anyone running an unregistered peer-to-peer crypto business 'should assume we are looking at them.' The regulator has used evidence gathered from a previous operation earlier this year to support criminal investigations and other enforcement action.