FCA Cracks Down on Unregistered P2P Crypto Trading in London
- On September 10, the FCA, HMRC, and Metropolitan Police issued cease and desist letters to three London premises suspected of illegal peer-to-peer crypto trading.
- The UK’s Financial Conduct Authority stated that no peer-to-peer crypto business is registered with it anywhere in Britain.
- The operation follows a similar sweep in April, which is now aiding criminal investigations.
- Unregistered traders are seen as potential channels for laundering illicit funds, according to the FCA.
- Detective Sergeant Sathish Alalasundaram highlighted the challenges posed by the complexity and speed of cryptocurrency transactions across jurisdictions.
The FCA’s recent actions underscore its commitment to enforcing anti-money laundering regulations against unregistered peer-to-peer crypto businesses in the UK. This initiative aims to prevent these entities from facilitating criminal activities through unregulated cryptocurrency transactions.
By targeting unregistered traders, the FCA seeks to close loopholes that allow illicit funds to be moved undetected within the financial system, reinforcing its regulatory stance ahead of upcoming changes in October next year. (Source)
