Policy | April 22, 2026

FCA Raids Illegal Crypto Cash Traders

The U.K. regulator said it searched eight London sites with HMRC and regional police in its first coordinated action against unregistered peer-to-peer crypto dealing.

The U.K. Financial Conduct Authority said it carried out its first joint operation against illegal peer-to-peer crypto trading, targeting eight premises across London with HM Revenue & Customs and the South West Regional Organised Crime Unit.

According to the FCA, officials issued cease-and-desist letters at every site and gathered evidence that is now supporting several criminal investigations. The agency said unregistered peer-to-peer traders are operating illegally in the U.K. and can provide a route for money laundering and other financial crime. It also said there are currently no FCA-registered peer-to-peer crypto traders or platforms in the country.