By PAUL O’DONOGHUE, Senior Correspondent

THE UK’s FCA (Financial Conduct Authority) has carried out its first coordinated crackdown on illegal peer-to-peer (P2P) crypto trading, targeting eight locations across London.

In a joint operation with tax body HMRC, officials issued cease-and-desist notices at each site. They also gathered evidence now feeding into several criminal investigations.

“Peer-to-peer trading is when individuals buy and sell crypto directly with each other, rather than using a centralised exchange and requires appropriate registration,” the regulator said.

“There are currently no FCA‑registered peer-to-peer crypto traders or platforms operating in the UK.”  

Steve Smart,…