FCA targets unregistered crypto traders in London

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The UK Financial Conduct Authority (FCA) has targeted three London premises suspected of operating unregistered peer-to-peer crypto trading businesses.

The operation was carried out on 10 September with HM Revenue & Customs and the Metropolitan Police Service. The FCA issued cease-and-desist letters at all three locations, requiring the suspected businesses to stop trading.

Individuals can buy and sell crypto directly without FCA registration, but businesses carrying out peer-to-peer trading in the UK must be registered with the regulator. The FCA said no peer-to-peer crypto trading businesses are currently registered.

The regulator warned that unregistered operators can provide channels for criminals to move and launder illicit funds because they operate outside the controls designed to prevent money laundering.