FCA orders traders to shut down three illegal crypto trading hubs in London

CoinDesk reports that Britain's Financial Conduct Authority (FCA) issued cease-and-desist letters to three London premises on Thursday, requiring traders to cease running unregistered P2P crypto ventures. The action involved a joint effort between the FCA, HM Revenue & Customs, and the Metropolitan Police.

The FCA stated that no peer-to-peer crypto businesses are currently registered with the agency. "There are currently no FCA-registered peer-to-peer crypto businesses operating in the U.K.," the FCA said. "By operating outside the FCA’s registration regime, they avoid controls designed to detect and prevent money laundering."

Caroline Black, a consultant at Gherson Solicitors LLP, noted that this was the second coordinated enforcement operation conducted within the last half-year. "This second coordinated enforcement operation in six months confirms the FCA's shift from warnings to active disruption of unregistered P2P crypto businesses, with criminal liability a live risk for any operator trading by way of business without the proper registration," Black said.

The enforcement action coincides with new regulatory guidance. Applications for FCA approval can be submitted between Sept. 30 and Feb. 28, 2027. The U.K.'s full cryptocurrency framework takes effect on Oct. 25, 2027.