FCA Targets Illegal Crypto Trading Sites
The Financial Conduct Authority (FCA), in coordination with HM Revenue & Customs and the Metropolitan Police, has cracked down on illegal peer-to-peer cryptocurrency trading operations in London. On September 10, officials executed inspections at three locations, issuing cease and desist orders to halt suspected illegal activities.
According to the FCA, there are currently no registered peer-to-peer crypto businesses in the UK. This absence of registration means that all such trading operations are classified as unregistered, prompting authorities to focus their efforts on identifying and shutting them down, rather than distinguishing between compliant and non-compliant entities.
“Anyone operating an unregistered peer-to-peer crypto business should assume we are scrutinizing their activities,” remarked Steve Smart, FCA's executive director of enforcement and market oversight.
Previous Operations and Future Regulations
This recent enforcement follows an operation in April and highlights ongoing criminal investigations into unregistered trading. The FCA has previously taken action against other illegal crypto activities and plans to enforce stricter regulations when a new framework is introduced on October 25, 2027. Applications for registration will begin on September 30, 2026.
