FCA Cracks Down on Unregistered Crypto Trading in UK

The UK's Financial Conduct Authority (FCA) has taken a significant step in regulating the country's crypto market by launching its first coordinated crackdown on illegal peer-to-peer crypto trading.

Eight locations in London were targeted, with cease-and-desist notices issued to each site. The FCA worked alongside HM Revenue & Customs and the South West Regional Organised Crime Unit to inspect premises suspected of operating unregistered crypto trading services.

The regulator is cracking down on individuals offering peer-to-peer crypto trading services in the UK without proper registration under anti-money laundering rules. Unregistered activity poses significant risks to consumers, including financial losses and the potential for money laundering and other financial crimes.

This enforcement action follows a recent announcement by the FCA outlining the scope and timeline for the UK's upcoming crypto regulatory framework, which is expected to be fully implemented by 2027.