FCA raids eight London sites in first crypto crackdown
The UK Financial Conduct Authority (FCA) led its first coordinated crackdown on illegal peer-to-peer crypto trading in London. The regulator inspected eight premises that it suspected of running commercial crypto trading without registration. Officials issued cease-and-desist letters at each location. The operation took place in April 2026 and involved teams on the ground visiting physical sites.
"Unregistered peer-to-peer crypto traders operating in the UK are doing so illegally and pose a financial crime risk. We will use our powers and work with partners to disrupt them.", 21 April 2026. — Steve Smart, Executive Director of Enforcement and Market Oversight, Financial Conduct Authority (FCA)
Registration rules for peer-to-peer tradersIn the United Kingdom, any person or business that commercially facilitates crypto trades must register with the FCA under anti-money laundering rules. The regulator states that there are currently no registered peer-to-peer crypto traders or platforms operating under this framework. This means that unregistered peer-to-peer crypto trading businesses operate illegally when they offer these services in the UK market. The FCA advises consumers to use only firms on its register and to treat crypto as a high-risk investment product.
"Consumers should protect themselves by only dealing with firms registered with the FCA and by remembering that crypto remains a high risk investment.", 21 April 2026. — Steve Smart, Executive Director of Enforcement and Market Oversight, Financial Conduct Authority (FCA)
Evidence supports criminal investigationsEvidence gathered during the London inspections is now supporting ongoing criminal investigations into suspected financial crime. The FCA coordinated the action with HM Revenue and Customs and the South West Regional Organised Crime Unit. Investigators say unregistered peer-to-peer trading can help criminals move and disguise illegal funds. This operation has been described by authorities as a more direct form of enforcement against unregistered peer-to-peer crypto activity.
"By working with our colleagues at the FCA and HMRC we are able to effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally. As law enforcement, we want to stop these traders providing a route for criminals to move, disguise and spend illegal money.", 21 April 2026. — Ross Flay, Detective Inspector, South West Regional Organised Crime Unit (SWROCU) "Unregistered peer-to-peer crypto traders operating in the UK are doing so illegally and pose a financial crime risk. We will use our powers and work with partners to disrupt them.", 21 April 2026. — Steve Smart, Executive Director of Enforcement and Market Oversight, Financial Conduct Authority (FCA)
Registration rules for peer-to-peer tradersIn the United Kingdom, any person or business that commercially facilitates crypto trades must register with the FCA under anti-money laundering rules. The regulator states that there are currently no registered peer-to-peer crypto traders or platforms operating under this framework. This means that unregistered peer-to-peer crypto trading businesses operate illegally when they offer these services in the UK market. The FCA advises consumers to use only firms on its register and to treat crypto as a high-risk investment product.
"Consumers should protect themselves by only dealing with firms registered with the FCA and by remembering that crypto remains a high risk investment.", 21 April 2026. — Steve Smart, Executive Director of Enforcement and Market Oversight, Financial Conduct Authority (FCA)
Evidence supports criminal investigationsEvidence gathered during the London inspections is now supporting ongoing criminal investigations into suspected financial crime. The FCA coordinated the action with HM Revenue and Customs and the South West Regional Organised Crime Unit. Investigators say unregistered peer-to-peer trading can help criminals move and disguise illegal funds. This operation has been described by authorities as a more direct form of enforcement against unregistered peer-to-peer crypto activity.
"By working with our colleagues at the FCA and HMRC we are able to effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally. As law enforcement, we want to stop these traders providing a route for criminals to move, disguise and spend illegal money.", 21 April 2026. — Ross Flay, Detective Inspector, South West Regional Organised Crime Unit (SWROCU) Registration rules for peer-to-peer tradersIn the United Kingdom, any person or business that commercially facilitates crypto trades must register with the FCA under anti-money laundering rules. The regulator states that there are currently no registered peer-to-peer crypto traders or platforms operating under this framework. This means that unregistered peer-to-peer crypto trading businesses operate illegally when they offer these services in the UK market. The FCA advises consumers to use only firms on its register and to treat crypto as a high-risk investment product.
"Consumers should protect themselves by only dealing with firms registered with the FCA and by remembering that crypto remains a high risk investment.", 21 April 2026. — Steve Smart, Executive Director of Enforcement and Market Oversight, Financial Conduct Authority (FCA)
Evidence supports criminal investigationsEvidence gathered during the London inspections is now supporting ongoing criminal investigations into suspected financial crime. The FCA coordinated the action with HM Revenue and Customs and the South West Regional Organised Crime Unit. Investigators say unregistered peer-to-peer trading can help criminals move and disguise illegal funds. This operation has been described by authorities as a more direct form of enforcement against unregistered peer-to-peer crypto activity.
"By working with our colleagues at the FCA and HMRC we are able to effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally. As law enforcement, we want to stop these traders providing a route for criminals to move, disguise and spend illegal money.", 21 April 2026. — Ross Flay, Detective Inspector, South West Regional Organised Crime Unit (SWROCU) In the United Kingdom, any person or business that commercially facilitates crypto trades must register with the FCA under anti-money laundering rules. The regulator states that there are currently no registered peer-to-peer crypto traders or platforms operating under this framework. This means that unregistered peer-to-peer crypto trading businesses operate illegally when they offer these services in the UK market. The FCA advises consumers to use only firms on its register and to treat crypto as a high-risk investment product.
"Consumers should protect themselves by only dealing with firms registered with the FCA and by remembering that crypto remains a high risk investment.", 21 April 2026. — Steve Smart, Executive Director of Enforcement and Market Oversight, Financial Conduct Authority (FCA)
Evidence supports criminal investigationsEvidence gathered during the London inspections is now supporting ongoing criminal investigations into suspected financial crime. The FCA coordinated the action with HM Revenue and Customs and the South West Regional Organised Crime Unit. Investigators say unregistered peer-to-peer trading can help criminals move and disguise illegal funds. This operation has been described by authorities as a more direct form of enforcement against unregistered peer-to-peer crypto activity.
"By working with our colleagues at the FCA and HMRC we are able to effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally. As law enforcement, we want to stop these traders providing a route for criminals to move, disguise and spend illegal money.", 21 April 2026. — Ross Flay, Detective Inspector, South West Regional Organised Crime Unit (SWROCU) "Consumers should protect themselves by only dealing with firms registered with the FCA and by remembering that crypto remains a high risk investment.", 21 April 2026. — Steve Smart, Executive Director of Enforcement and Market Oversight, Financial Conduct Authority (FCA)
Evidence supports criminal investigationsEvidence gathered during the London inspections is now supporting ongoing criminal investigations into suspected financial crime. The FCA coordinated the action with HM Revenue and Customs and the South West Regional Organised Crime Unit. Investigators say unregistered peer-to-peer trading can help criminals move and disguise illegal funds. This operation has been described by authorities as a more direct form of enforcement against unregistered peer-to-peer crypto activity.
"By working with our colleagues at the FCA and HMRC we are able to effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally. As law enforcement, we want to stop these traders providing a route for criminals to move, disguise and spend illegal money.", 21 April 2026. — Ross Flay, Detective Inspector, South West Regional Organised Crime Unit (SWROCU) Evidence supports criminal investigationsEvidence gathered during the London inspections is now supporting ongoing criminal investigations into suspected financial crime. The FCA coordinated the action with HM Revenue and Customs and the South West Regional Organised Crime Unit. Investigators say unregistered peer-to-peer trading can help criminals move and disguise illegal funds. This operation has been described by authorities as a more direct form of enforcement against unregistered peer-to-peer crypto activity.
"By working with our colleagues at the FCA and HMRC we are able to effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally. As law enforcement, we want to stop these traders providing a route for criminals to move, disguise and spend illegal money.", 21 April 2026. — Ross Flay, Detective Inspector, South West Regional Organised Crime Unit (SWROCU) Evidence gathered during the London inspections is now supporting ongoing criminal investigations into suspected financial crime. The FCA coordinated the action with HM Revenue and Customs and the South West Regional Organised Crime Unit. Investigators say unregistered peer-to-peer trading can help criminals move and disguise illegal funds. This operation has been described by authorities as a more direct form of enforcement against unregistered peer-to-peer crypto activity.
"By working with our colleagues at the FCA and HMRC we are able to effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally. As law enforcement, we want to stop these traders providing a route for criminals to move, disguise and spend illegal money.", 21 April 2026. — Ross Flay, Detective Inspector, South West Regional Organised Crime Unit (SWROCU) "By working with our colleagues at the FCA and HMRC we are able to effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally. As law enforcement, we want to stop these traders providing a route for criminals to move, disguise and spend illegal money.", 21 April 2026. — Ross Flay, Detective Inspector, South West Regional Organised Crime Unit (SWROCU) Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment. All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Coinpaprika is not liable for any losses resulting from the use of this information.