UK's FCA Cracks Down on Unregistered P2P Crypto Trading in London

Three London Locations Hit With Cease-and-Desist

The UK's Financial Conduct Authority just showed it's serious about peer-to-peer crypto trading. Working alongside HM Revenue & Customs and the Metropolitan Police, the FCA took action against three P2P crypto trading locations in London, handing out cease-and-desist letters to each.

Here's the thing: P2P trading itself, between individuals, is totally fine and doesn't need registration. But running a P2P crypto business in the UK does require FCA approval, and right now there are zero registered P2P crypto businesses operating in the country.

A Pattern, Not a One-Off

FCA enforcement director Steve Smart put it bluntly: anyone running an unregistered P2P crypto business should assume they're being watched. The Met Police echoed that criminals keep adapting, and so are investigators.

This isn't the FCA's first swing either. It follows earlier action against HTX, where UK app stores were asked to restrict access. Add it up, and it looks like UK regulators are steadily tightening the screws on unlicensed crypto activity, one location at a time.