On 10 September 2026, the FCA issued cease and desist letters to three premises in London suspected of facilitating unregistered peer-to-peer crypto trading. This action is part of the FCA's intensified efforts against illegal crypto trading, which poses risks for money laundering and financial crime.
The FCA relies on its regulatory authority to enforce compliance with registration requirements for peer-to-peer crypto trading. The FCA emphasizes that anyone conducting such trading as a business in the UK must be appropriately registered.
The FCA's actions apply to all entities involved in peer-to-peer crypto trading, particularly those operating without registration. Currently, there are no FCA-registered peer-to-peer crypto businesses in the UK, raising concerns about potential illicit activities.
The FCA has not specified any deadlines or transitional periods related to this enforcement action. Compliance teams at crypto firms are urged to review their frameworks to ensure they do not associate with unregistered trading operations.
The FCA's executive director of enforcement highlighted ongoing efforts to track and disrupt illegal crypto activities, indicating a strong regulatory stance against unregistered operations.