FCA Cracks Down on Illegal Crypto Trading in London
Cease-and-desist letters were issued at three premises as investigators said unregistered operators can help criminals move and launder illicit funds.
- On Sept 10, the Financial Conduct Authority, HMRC, and the Metropolitan Police targeted three London premises suspected of operating illegal peer-to-peer crypto businesses, issuing cease and desist letters at each location.
- Authorities target unregistered peer-to-peer trading sites because they can be used to launder illicit funds, extending enforcement efforts that began earlier this year against businesses conducting crypto activities without required registration.
- Steve Smart, FCA executive director of enforcement, warned: "Anyone running an unregistered peer-to-peer crypto business should assume we are looking at them," citing the money laundering risks posed by unregistered operators.
- Evidence collected during inspections is now being used to support ongoing criminal investigations into the suspected illegal activity at all three sites.
- Applications for the FCA's new crypto authorization framework open on Sept 30, with mandatory compliance required by Oct 25, replacing the current anti-money laundering registration system for crypto businesses.
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FCA Cracks Down on Illegal Crypto Trading in London
The FCA has targeted unregistered peer-to-peer cryptocurrency trading in London, issuing cease and desist orders to three premises. This operation highlights the high-risk and largely unregulated nature of crypto assets in Britain, despite anti-money laundering rules.
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Cryptocurrency News | Cryptocurrency Prices | Market CapFCA cracks down on illegal peer to peer crypto traders in London
The UK Financial Conduct Authority has targeted three London premises suspected of running illegal peer to peer crypto trading businesses, extending an enforcement campaign against unregistered digital asset activity. According to the FCA, the operation was carried out on Sept.…
The FCA, HMRC and Metropolitan Police inspected three premises in London and issued letters of cessation against businesses suspected of operating cryptocurrencies between unregistered peers. Authorities link this type of activity to money laundering risks and warn that they will continue to track operators outside the regulatory framework.
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