FCA Cracks Down on Illegal Crypto Trading in London

The Financial Conduct Authority (FCA) has collaborated with police and tax authorities to address suspected illegal peer-to-peer cryptocurrency trading activities in London. According to NS3.AI, the FCA visited eight locations across the city, issuing cease-and-desist letters at each site. The evidence gathered from these inspections is now aiding ongoing criminal investigations. Under the UK's Money Laundering Regulations, peer-to-peer crypto businesses that fall within the scope are required to register with the FCA before commencing operations.