FCA Cracks Down on Illegal Crypto Trading in London

The FCA has targeted unregistered peer-to-peer cryptocurrency trading in London, issuing cease and desist orders to three premises. This operation highlights the high-risk and largely unregulated nature of crypto assets in Britain, despite anti-money laundering rules.

The UK's Financial Conduct Authority (FCA) has targeted illegal peer-to-peer cryptocurrency trading operations in London, marking a significant move against unregistered crypto businesses. On Thursday, the FCA, collaborating with tax officials and police, issued cease and desist letters to three undisclosed sites.

According to Steve Smart, executive director of enforcement and market oversight at the FCA, individuals operating unregistered peer-to-peer crypto businesses in Britain should anticipate scrutiny. These businesses are often associated with moving and laundering illicit funds. Currently, no registered peer-to-peer crypto trading businesses are operating legally in the UK.

This recent action follows a similar initiative in April, where the FCA targeted eight other premises in London. Despite crypto assets being considered high-risk investments in Britain, they remain largely unregulated, except for specific anti-money laundering measures and financial promotion regulations.