The Financial Conduct Authority (FCA) has carried out its first coordinated enforcement action to disrupt illegal peer-to-peer crypto trading across multiple locations in London.
Working alongside HM Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit (SWROCU), the FCA targeted eight sites suspected of operating unregistered crypto trading activities. Cease-and-desist notices were issued at each location, with evidence gathered now supporting ongoing criminal investigations.
Peer-to-peer crypto trading involves individuals transacting directly rather than through regulated exchanges and requires proper registration. The FCA noted that no such traders or platforms are currently authorised to operate in the UK.
Steve Smart said unregistered operators pose a financial crime risk and confirmed the regulator will continue to use its enforcement powers to disrupt illegal activity. He also warned consumers to deal only with FCA-registered firms, stressing that cryptoassets remain high-risk investments.
Ross Flay added that joint operations help prevent illicit actors from using crypto markets to move and disguise criminal funds.
The FCA has previously taken action against unregistered crypto activity, including prosecutions linked to illegal crypto ATMs and arrests tied to unauthorised exchanges. It continues to work with domestic and international partners as part of broader efforts to combat financial crime and protect consumers.
Consumers can check whether a crypto firm is correctly registered with the FCA using the FCA’s Firm Checker.
