UK cracks down on illegal P2P crypto trading in London

UK authorities raided eight London sites over illegal P2P crypto trading, issuing cease-and-desist notices. The FCA confirmed no P2P crypto traders are registered in the UK.

UK authorities have launched a coordinated crackdown on illegal peer-to-peer (P2P) cryptocurrency trading in London, targeting eight locations suspected of facilitating unregistered transactions. The Financial Conduct Authority (FCA), working with HM Revenue & Customs and the South West Regional Organised Crime Unit, issued cease-and-desist notices at each site and gathered evidence for ongoing criminal investigations. This marks the FCA's first major operation specifically aimed at illegal P2P crypto trading, signaling a move from policy statements to active enforcement. The FCA emphasized that currently, no P2P crypto traders or platforms are legally registered in the UK. Unregistered P2P crypto activities pose significant risks of money laundering and financial crime. The operation was conducted under anti-money laundering regulations, and experts expect further regulatory crackdowns as authorities seek to strengthen oversight of the crypto sector.