UK FCA Conducts Coordinated Raids on Illegal P2P Crypto Trading Sites in London

Gate News message, April 22 — The UK Financial Conduct Authority (FCA) recently coordinated with tax authorities and police to conduct surprise inspections at eight locations in London suspected of facilitating illegal peer-to-peer (P2P) cryptocurrency trading, issuing cease-and-desist notices to the operators. This marks the FCA's first multi-agency enforcement action of this kind.

Evidence gathered from the raids has supported multiple criminal investigations, with a particular focus on activities potentially involving money laundering and terrorist financing. The FCA emphasized that unregistered P2P trading activities can be exploited by bad actors to move and conceal funds. Currently, no P2P cryptocurrency trading platform is registered with the FCA in the UK.

Industry observers view this action as a shift from regulatory statements to substantive enforcement, suggesting similar crackdowns may intensify. Under current regulations, crypto assets in the UK remain classified as high-risk investments, primarily governed by anti-money laundering and financial promotion rules.