The Financial Conduct Authority (FCA) has led its first operation to disrupt an illegal peer-to-peer crypto trading scheme.

Working alongside HM Revenue and Customs (HMRC) and the South West Regional Organised Crime Unit (SWROCU), the FCA targeted eight locations across London suspected of hosting illegal peer-to-peer crypto trading activities.

Peer-to-peer trading refers to when individuals buy and sell crypto directly with each other instead of using centralised exchanges that are required to be authorised by the FCA.

There are currently no FCA-registered peer-to-peer crypto traders or platforms operating in the UK, making any activity of this kind illegal.

“Unregistered peer-to-peer crypto traders operating in the UK are…