FCA Cracks Down on Unregistered P2P Crypto Trading in London
- The Financial Conduct Authority (FCA), in collaboration with HMRC and the Metropolitan Police, inspected three London premises on September 10 for suspected illegal crypto trading.
- Cease-and-desist notices were issued to unregistered peer-to-peer (P2P) crypto businesses operating without proper authorization.
- The FCA’s enforcement action is part of a broader effort to regulate the crypto market as the UK prepares for new regulatory frameworks at the end of September.
This operation highlights the FCA’s commitment to enforcing compliance among crypto businesses, distinguishing between unregistered P2P operators and licensed exchanges. The crackdown aims to ensure that all entities adhere to anti-money-laundering regulations and financial promotion rules.
The FCA’s recent actions demonstrate its dual approach of facilitating legitimate DeFi operations while penalizing non-compliant activities, reinforcing its message that crypto businesses must operate like regulated financial entities. (Source)
