FCA Targets Illegal Peer-to-Peer Crypto Trading in London
FCA Conducts First Joint Crypto Operation
Britain's Financial Conduct Authority (FCA) has taken action against illegal peer-to-peer crypto trading in London. On Wednesday, the FCA, working with tax officials and police, visited eight addresses suspected of unregistered crypto trading activities.
Cease and Desist Letters Issued
During the operation, the FCA issued cease and desist letters at each site. The regulator stated that evidence collected is now supporting several ongoing criminal investigations. The operation was conducted under money laundering and terrorist financing regulations.
Regulatory Focus on Crypto Risks
Authorities are concerned that unregistered peer-to-peer traders could facilitate money laundering and financial crime. In the UK, such traders must be registered with the FCA, but currently, none are. Crypto assets are considered high-risk investments and remain largely unregulated, except for anti-money laundering and financial promotion rules.
Future Enforcement Expected
Legal experts suggest that this operation signals increased enforcement by the FCA. The regulator is expected to continue targeting illegal crypto activities to address financial crime risks.
- First FCA joint operation with other agencies
- Eight London addresses targeted
- Ongoing criminal investigations supported
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