FCA raids three London sites over unregistered P2P crypto trading

UK authorities conducted coordinated inspections targeting suspected illegal peer-to-peer crypto trading in London: the FCA worked with HMRC and the Metropolitan Police to issue cease-and-desist notices and collect intelligence from three commercial premises. Action date: September 10. Publication date: September 17.

TL;DR

• FCA, HMRC and Metropolitan Police inspected three London premises for suspected unregistered crypto activity.
• Cease-and-desist notices were issued and intelligence gathered.
• Focus: unregistered P2P businesses. Licensed UK exchanges were not targeted.

Focus: Unregistered P2P Trading

The UK is overhauling crypto regulation. The FCA’s authorisation gateway opens at the end of September. Firms already must meet anti-money-laundering registration requirements and financial promotion rules. Physical or peer-to-peer businesses operating outside these rules remain enforcement targets. The latest action addresses that segment, not mainstream licensed exchanges.

Enforcement And Authorisation

Regulatory authorisation and enforcement are advancing together. The FCA is defining a route for compliant crypto firms while increasing consequences for businesses operating outside the rules. A licensing system gains credibility when non-compliant actors face enforcement. The UK seeks crypto businesses that follow regulated financial standards.

Source: Financial Conduct Authority. https://www.fca.org.uk/news/press-releases/fca-and-partners-continues-crackdown-illegal-crypto-trading