UK Regulators Crack Down on Unregistered Crypto Trading

The UK's Financial Conduct Authority (FCA) joined forces with HM Revenue & Customs and the Metropolitan Police to target three London premises suspected of operating unregistered peer-to-peer crypto trading businesses. The operation, which took place on September 10, resulted in cease-and-desist letters being issued at all three locations, requiring traders to stop their suspected illegal activities.

The FCA has made it clear that there are currently no registered peer-to-peer crypto businesses operating in the UK, and commercial operators fall under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. Steve Smart, executive director of enforcement and market oversight at the FCA, warned operators to 'assume we are looking at them'.

This latest crackdown follows an April operation across eight London premises, where authorities issued cease-and-desist letters and collected evidence that is now supporting criminal investigations. HMRC has also been expanding its scrutiny of crypto transactions, sending 81,172 crypto compliance warnings during the 2025-26 financial year.