FCA Cracks Down on Illegal London Crypto Trading

Britain's Financial Conduct Authority (FCA) has initiated its first collaborative operation against illegal peer-to-peer crypto trading, targeting eight London addresses on Wednesday.

In collaboration with tax officials and law enforcement, the FCA issued cease and desist letters. The evidence collected is advancing multiple criminal investigations focused on preventing illegal trading from facilitating illicit financial activities. As of now, no peer-to-peer crypto traders are registered with the FCA in Britain.

Recognized as high-risk investments, crypto assets are subject to limited regulation in the UK, primarily under anti-money laundering laws. Reflecting a commitment to addressing financial crime, this operation demonstrates that the FCA is moving beyond rhetoric to action, according to Imogen Makin of WilmerHale.

(With inputs from agencies.)