FCA Raids Three London Sites Over Suspected Illegal Crypto Trading

The U.K. Financial Conduct Authority (FCA) has taken further action with partners to crack down on illegal peer-to-peer cryptocurrency trading at multiple locations in London. According to Foresight News, the FCA worked with HM Revenue and Customs and the Metropolitan Police to raid three sites suspected of illegal peer-to-peer crypto trading and issued stop orders requiring traders to halt any suspected illegal crypto business. The FCA said peer-to-peer trading refers to the direct buying and selling of cryptocurrency between individuals. In the U.K., anyone conducting such trading as a business must register accordingly. The regulator said there are currently no peer-to-peer cryptocurrency trading firms registered with the FCA.