The Financial Conduct Authority (FCA), HM Revenue & Customs (HMRC), and the South West Regional Organised Crime Unit carried out the enforcement action across multiple London locations. At each site, traders were issued cease-and-desist letters ordering them to stop illegal activity immediately. Evidence obtained during the inspections is supporting several ongoing criminal investigations.
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." Detective Inspector Ross Flay of the South West Regional Organised Crime Unit added that the collaboration allows authorities to "effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally." He emphasised that law enforcement wants to "stop these traders providing a route for criminals to move, disguise and spend illegal money."
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.
There are currently no FCA-registered peer-to-peer crypto traders in the UK. The regulator is implementing a strict, phased regulatory framework to curb illegal crypto activity ahead of formal regulation expected from October 2027. This action follows a similar operation in June 2024, when the FCA and Metropolitan Police arrested two individuals suspected of running an illegal cryptoasset exchange through which more than £1bn of unregistered cryptoassets were believed to have been bought and sold.
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.