UK Watchdog Cracks Down on Illegal Crypto Trading in London

The UK Financial Conduct Authority (FCA) has taken a significant step in regulating the crypto market by leading its first coordinated operation against illegal peer-to-peer crypto trading in London.

Eight premises suspected of operating without registration were targeted in the operation, which was carried out with HM Revenue & Customs and the South West Regional Organised Crime Unit under the UK's money laundering and terrorist financing rules.

The FCA has made it clear that there are currently no FCA-registered peer-to-peer crypto traders or platforms operating in the UK, meaning any such activity requires scrutiny and may be unlawful.