FCA and Partners Raid Illegal P2P Crypto Trading Sites in London

According to BlockchainReporter, the United Kingdom’s Financial Conduct Authority, in cooperation with HM Revenue Customs and London’s Metropolitan Police Service, raided three premises suspected of hosting illegal peer-to-peer crypto trading. Cease-and-desist letters were issued at each location, requiring operators to stop the suspected illegal activity.

As reported by BlockchainReporter, the coordinated operation marks the second time this year the watchdog has moved against unregistered peer-to-peer crypto businesses. Steve Smart, executive director of enforcement and market oversight at the regulator, stated that anyone running an unregistered peer-to-peer crypto business should assume they are being monitored. Peer-to-peer trading permits individuals to buy and sell crypto directly, an activity requiring registration when carried out by way of business. The regulator noted there are currently no registered peer-to-peer crypto businesses operating in the UK.

BlockchainReporter noted that unregistered traders operating by way of business can provide a route for criminals to move and launder illicit funds, bypassing controls designed to prevent money laundering. This action follows guidance published earlier in the week clarifying the UK's incoming cryptoasset regime.