Solana news: UK FCA Raids Illegal P2P Crypto Traders, Tightens Oversight
FCA Launches Raids on Unregistered P2P Crypto Traders
The UK Financial Conduct Authority (FCA) has executed its first coordinated operation targeting illegal peer-to-peer (P2P) cryptocurrency trading. On April 22, 2026, eight sites across London suspected of unregistered trading were raided in collaboration with HM Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit (SWROCU). Cease-and-desist orders were issued, and evidence was collected to support ongoing criminal investigations.
Regulatory Context and Enforcement
According to the FCA, unregistered P2P trading platforms present significant financial crime risks. UK anti-money laundering (AML) regulations require such platforms to register with the FCA, but currently, none have done so. The FCA's recent actions are part of a broader effort to strengthen oversight of the crypto sector, including previous crackdowns on illegal crypto ATMs and unlicensed exchanges.
In February 2026, the FCA initiated legal proceedings against crypto exchange HTX for breaching financial promotion rules. The agency has also participated in international efforts, such as Operation Atlantic, which resulted in the freezing of over $12 million linked to crypto scams and the identification of more than 20,000 victims.
Implications for Crypto Traders
The FCA's actions indicate that unregistered P2P and over-the-counter (OTC) crypto trading will face increased scrutiny. Informal trading corridors are often exploited for money laundering and sanctions evasion, prompting the FCA to enforce stricter compliance. Traders in the UK are advised to ensure all activities align with AML and regulatory requirements to avoid penalties and shutdowns.
Future Regulatory Developments
The UK is preparing to implement a comprehensive crypto regulatory framework by October 2027. The FCA has opened consultations on new rules covering stablecoins, custody, staking, and trading platforms. Firms can apply for authorization starting September 2026, with full compliance expected once the framework is in place.
While these measures may create short-term challenges for some market participants, they aim to provide long-term regulatory clarity for both institutional and retail investors. The FCA's recent actions underscore a shift toward stricter oversight and reduced tolerance for unregistered crypto activity in the UK.
