The FCA has carried out its first operation with partners to disrupt illegal peer-to-peer crypto trading across multiple London locations.  It took the action under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

The FCA worked with HM Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit, targeting eight premises suspected of illegal peer-to-peer crypto trading. The FCA issued cease and desist letters at each site, notifying traders to stop illegal activity immediately. Evidence obtained during the on-site inspections is supporting several ongoing criminal investigations.

Peer-to-peer trading is when individuals buy and sell crypto directly with each…