This post was originally published on Cointelgraph
The United Kingdom’s Financial Conduct Authority (FCA) has raided multiple sites suspected of running illegal peer-to-peer (P2P) crypto trading operations.
The financial services and markets watchdog said Wednesday that it worked alongside HM Revenue & Customs and the South West Regional Organised Crime Unit to inspect eight locations linked to illegal crypto trading. Officials issued cease-and-desist notices on site, ordering operators to halt activity immediately, while gathering evidence tied to ongoing criminal investigations.
“Unregistered peer-to-peer crypto traders operating in the UK are doing so illegally and pose a financial crime risk,” Steve Smart, the FCA’s executive director of enforcement and market oversight, said.
P2P crypto trading allows individuals to buy and sell digital assets directly, bypassing centralized exchanges. In the UK, such activity requires registration under anti-money laundering rules. The FCA said no peer-to-peer crypto traders or platforms are currently registered with the regulator.
Related: Stratiphy reopens tax-free route to crypto ETNs for UK investors
FCA expands crypto crackdown
The raids mark the FCA’s first operation of this kind focused on P2P crypto trading, but follow a series of enforcement steps against the sector. Previous actions include prosecutions tied to illegal crypto ATM networks and arrests linked to unlicensed exchanges.
Earlier this month, authorities in the
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