The Financial Conduct Authority (FCA)
has carried out further operations with partners to disrupt
illegal peer-to-peer crypto trading across multiple London
locations. Working with HM
Revenue & Customs (HMRC) and the Metropolitan Police Service,
the FCA targeted 3 premises suspected of illegal peer-to-peer
crypto trading.
Cease and desist letters were issued
at all 3 premises, requiring traders to stop any suspected
illegal crypto businesses.
Peer-to-peer trading is when
individuals buy and sell crypto directly with each other. Anyone
doing this by way of business in the UK requires appropriate
registration. There are currently no FCA registered peer-to-peer
crypto businesses operating in the
UK.
Unregistered peer-to-peer crypto
traders operating by way of business in the UK can provide a
route for criminals to move and launder illicit funds. By
operating outside the FCA's registration regime, they avoid
controls designed to detect and prevent money
laundering.
Steve Smart, executive director of
enforcement and market oversight at the FCA said: Working with
partners, we continue to track and disrupt illegal crypto
activity. Anyone running an unregistered peer-to-peer crypto
business should assume we are looking at
them.
Detective Sergeant Sathish
Alalasundaram at the Metropolitan Police Service said: Law
enforcement and partner agencies are working significantly hard
to tackle criminal activity involving digital assets. The complex
nature of cryptocurrency, combined with the speed at which funds
can be moved across jurisdictions, presents ongoing challenges
for those investigating.
As criminals continue to adapt their
methods, the Met Police continues to evolve and adapt our
investigative capabilities and disruption tactics to bring those
who break the law to justice.
This operation follows action taken by FCA against illegal peer-to-peer crypto trading businesses in
April. Evidence gathered during that operation is being used to
support criminal investigations and other enforcement
action.
The FCA has a track record of tackling
illegal cryptoasset activity, including prosecuting the operator of an unlawful crypto
ATM network and supporting the arrest of two individuals
suspected of running an illegal crypto
exchange.
The FCA continues to work with its
partners across the UK and abroad to fight financial crime and
protect consumers.
Consumers can check whether a crypto
firm is correctly registered with the FCA using the
FCA's
Firm Checker.
Notes to
editors
-
Action was taken under the Money
Laundering, Terrorist Financing and Transfer of Funds
(Information on the Payer) Regulations
2017.
-
The action took place on
10 September 2026.
-
Crypto is a high-risk investment and
remains largely unregulated in the UK, except for anti-money
laundering and financial promotion until October
2027.
-
Use the FCA's Firm Checker to check a firm's
permissions.
-
The FCA enables a fair and thriving
financial services market for the good of consumers and the
economy. Find out more about the
FCA.
