Financial authorities step up enforcement against illegal peer-to-peer crypto trading.
The UK’s Financial Conduct Authority (FCA) has launched a significant operation against three unregistered peer-to-peer cryptocurrency trading sites in London. This action, conducted in partnership with HM Revenue & Customs (HMRC) and the Metropolitan Police, involves demanding that traders cease operations.
The FCA emphasized that there are no registered peer-to-peer cryptocurrency firms in the UK, meaning these operators are evading regulations designed to prevent illicit activities such as money laundering. Caroline Black, a consultant at Gherson Solicitors LLP, noted that this represents a decisive shift from the UK’s previous lenient regulatory approach.
Black remarked, “This coordinated enforcement signals a clear transition from warnings to proactive measures against unregistered crypto businesses, with operators now facing criminal liability.”
