UK Financial Conduct Authority raids three unregistered crypto P2P trading sites in London

The Financial Conduct Authority (FCA) has raided three London-based peer-to-peer crypto trading sites operating without proper registration. These locations facilitated over-the-counter exchanges of cash for Bitcoin and stablecoins, bypassing identity verification requirements. This enforcement marks a shift from the regulator's previous strategy of issuing public warnings to active physical intervention alongside police. Operating an unregistered crypto exchange in the UK carries penalties of up to two years in prison and unlimited fines. The FCA's crackdown follows previous efforts by the National Crime Agency to dismantle illicit networks involved in laundering cash through cryptocurrencies.