In short
- Financial Conduct Authority issued cease and desist letters at all 3 premises suspected of illegal crypto trading.
- Financial Conduct Authority took action under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
What happened
The Financial Conduct Authority, working with HM Revenue & Customs and the Metropolitan Police Service, targeted 3 London premises suspected of illegal peer-to-peer crypto trading. Cease and desist letters were issued, requiring traders to stop any suspected illegal crypto businesses.
This operation, conducted on 10 September 2026, follows previous FCA actions in April. Evidence from these actions is being used to support criminal investigations and further enforcement, highlighting ongoing efforts to disrupt unregistered crypto trading and prevent money laundering.
Working with partners, we continue to track and disrupt illegal crypto activity. Anyone running an unregistered peer-to-peer crypto business should assume we are looking at them.
In numbers
- 3 premises targeted for illegal peer-to-peer crypto trading
What compliance teams should check
- Verify peer-to-peer crypto trading activities against FCA registration requirements and Firm Checker.
- Review compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
- Monitor for cease and desist letters issued by the Financial Conduct Authority to crypto trading premises.
Why it matters
This story underscores the FCA's active enforcement against unregistered peer-to-peer crypto trading, which can facilitate money laundering and criminal activity. Compliance officers must ensure their firms are properly registered and adhere to anti-money laundering regulations, as the FCA is using evidence from recent operations to support criminal investigations. The ongoing crackdown highlights the importance of robust controls and registration checks to prevent illicit crypto transactions and protect the financial system.
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