FCA Inspects Three London Premises For Illegal P2P Crypto Trading

The Financial Conduct Authority (FCA), in collaboration with HMRC and the Metropolitan Police, inspected three commercial premises in London on September 10 over suspected illegal peer-to-peer (P2P) crypto trading. Cease-and-desist notices were issued to the unregistered businesses involved. This action is part of the FCA's broader enforcement strategy against unregistered crypto operations as the UK prepares for a new regulatory framework, with the FCA's authorisation gateway set to open at the end of September. The FCA aims to ensure that crypto businesses comply with anti-money-laundering regulations and financial promotion rules. The regulator's recent actions indicate a focus on enforcing compliance among firms operating outside the legal framework, rather than targeting licensed exchanges.

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