The Financial Conduct Authority has carried out its first coordinated operation to disrupt illegal peer-to-peer crypto trading across multiple locations in London.
Working with HM Revenue & Customs and the South West Regional Organised Crime Unit, the regulator targeted eight premises suspected of operating unregistered crypto trading services.
The FCA issued cease and desist letters at each site, ordering traders to halt activity immediately. Evidence gathered during the inspections is now supporting a number of ongoing criminal investigations.
Peer-to-peer trading involves individuals buying and selling cryptoassets directly, rather than through a centralised exchange, and requires FCA registration.
