Britain’s financial regulator has launched a coordinated crackdown on suspected illegal cryptocurrency trading in London, marking its first joint operation with multiple enforcement agencies.
The Financial Conduct Authority Financial Conduct Authority (FCA) said it inspected eight London addresses believed to be involved in unregistered peer-to-peer crypto trading, issuing cease-and-desist notices at each location, News.Az reports, citing Reuters.
The operation was carried out alongside tax authorities and police under anti–money laundering and terrorist financing regulations.
According to the regulator, evidence collected during the raids is already supporting several ongoing criminal investigations.
Authorities are increasingly concerned that peer-to-peer crypto trading networks could be used to move, conceal, or launder illicit funds outside of regulated financial systems.
Unlike centralized exchanges, peer-to-peer platforms operate without intermediaries and must be registered in the UK. However, the FCA said there are currently no registered peer-to-peer crypto trading firms operating in the country.
Crypto assets remain classified as high-risk investments in Britain and are only partially regulated, mainly under anti–money laundering and financial promotion rules rather than full financial oversight.
Legal experts say the operation signals a more aggressive enforcement stance. Imogen Makin, counsel at WilmerHale in London, noted that the coordinated effort shows the regulator is actively enforcing its priorities, not just issuing warnings.
She added that similar crackdowns are likely to continue as regulators focus on reducing financial crime risks linked to digital assets.
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