FCA Targets Three More London Sites Over Unregistered P2P Crypto Trading
The UK Financial Conduct Authority carried out a second enforcement sweep against suspected peer-to-peer crypto traders in London, issuing cease-and-desist letters at three premises in a joint operation with HMRC and the Metropolitan Police. The action, taken under 2017 money laundering regulations, follows an April operation and is already feeding criminal investigations. The FCA said anyone buying and selling crypto directly with others as a business in the UK must be registered, but no peer-to-peer crypto businesses are currently registered, making such operations unlawful by default. Unregistered traders are viewed as a money-laundering risk because they operate outside AML controls. Officials warned that unregistered businesses should expect scrutiny, while police noted the difficulty of investigating fast-moving crypto flows across jurisdictions. Crypto remains mostly unregulated in Britain beyond AML and financial promotions rules, though a new FCA regime is due to begin on October 25, 2027, with applications opening September 30.
