The FCA has carried out its first operation with partners to disrupt illegal peer-to-peer crypto trading, targeting several London locations.
Working with HMRC and the South West Regional Organised Crime Unit (SWROCU), the FCA issued cease and desist letters at eight premises suspected of illegal peer-to-peer crypto trading.
Evidence obtained during the on-site inspections is supporting a number of ongoing criminal investigations.
Peer-to-peer trading requires appropriate registration but there are currently no FCA‑registered peer-to-peer crypto traders or platforms operating in the UK.
Steve Smart, executive director of enforcement and market oversight at the FCA said: “Unregistered peer-to-peer crypto traders operating in the UK are doing so illegally and pose a financial crime risk. We will use our powers and work with partners to disrupt them.
“Consumers should protect themselves by only dealing with firms registered with the FCA and by remembering that crypto remains a high‑risk investment.”
DI Ross Flay of SWROCU added: “By working with our colleagues at the FCA and HMRC we are able to effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally. As law enforcement, we want to stop these traders providing a route for criminals to move, disguise and spend illegal money.”
