Grab EXTRA 10% OFF all Tangem products. Till Oct 25FCA raids London crypto sites in crackdown on illegal trading
6.6 Regulation The FCA, HMRC, and police raided three London sites for illegal P2P crypto trading, issuing cease and desist orders. No P2P crypto businesses are registered in the UK, raising money laundering risks.
The UK Financial Conduct Authority (FCA), in collaboration with HM Revenue & Customs and the Metropolitan Police, has intensified its crackdown on illegal peer-to-peer (P2P) crypto trading businesses in London. On September 10, authorities raided three premises suspected of unregistered P2P crypto trading and issued cease and desist letters to halt their operations. This marks the second major enforcement action in 2026, following a similar operation in April. Evidence gathered from previous actions is supporting ongoing investigations. The FCA clarified that while personal crypto transactions do not require registration, any business activity involving P2P crypto trading in the UK must be registered with the FCA. Currently, no P2P crypto trading businesses are registered, leaving operators outside regulatory controls designed to detect and prevent money laundering. The FCA warned that unregistered operators can facilitate illicit fund movement and reiterated its commitment to ongoing enforcement as the UK prepares to implement a comprehensive crypto regulatory framework by late 2027.
