FCA Visits Three London Sites in Second P2P Crypto Sweep

The FCA, HMRC and the Metropolitan Police visited three London premises on September 10, as reported by Decrypt. Cease and desist letters were issued at all three locations, ordering suspected illegal businesses to stop. The joint operation targeted individuals suspected of operating peer-to-peer crypto trading by way of business in the UK.

The action took place under the 2017 money laundering regulations. An earlier sweep in April provided evidence that, according to the FCA, now supports criminal investigations. The regulator confirmed that zero peer-to-peer crypto entities hold active registrations in the country, leaving all such local activities unlicensed.

Steve Smart, the FCA’s executive director of enforcement and market oversight, warned: “Anyone running an unregistered peer-to-peer crypto business should assume we are looking at them.” The FCA noted that unregistered traders sit outside anti-money laundering controls, creating a route for moving and laundering criminal funds.

Detective Sergeant Sathish Alalasundaram of the Met pointed to the practical difficulty, stating: “the speed at which funds can be moved across jurisdictions presents ongoing challenges for those investigating.” Olumide Osunkoya received a four-year prison term previously for running an illegal crypto ATM scheme. A new regulatory framework for the sector begins in October 2027, with the application window opening in September.