The UK Financial Conduct Authority launches its first crackdown on illegal peer-to-peer cryptocurrency trading
The FCA’s first wave of enforcement actions, working together with HMRC and the South West Regional Organised Crime Unit, raided multiple London locations suspected of running unregistered P2P cryptocurrency trading venues, issuing stop orders and bringing the matters into a criminal investigation. Experts say such unregistered platforms are illegal and carry high risk, and regulators will strengthen oversight gaps with regulations such as those on anti-money laundering. The UK is gradually building a cryptocurrency regulatory framework, with full implementation expected by 2027; in 2026, a registration application channel will be opened, and investors should carefully assess risks.