UK FCA, HMRC, and City of London Police Crack Down on Illegal OTC Crypto Trading

The UK Financial Conduct Authority (FCA), in coordination with HM Revenue and Customs (HMRC) and the City of London Police, conducted raids on three suspected illegal peer-to-peer crypto trading locations in London. Operators were issued cease-and-desist notices to terminate unregistered crypto activities. The FCA reiterated that all commercial peer-to-peer crypto trading in the UK requires anti-money laundering registration, noting that no such businesses are currently registered with the agency.