FCA, HMRC and SWROCU raid eight London sites in first UK crackdown on illegal P2P crypto trading

UK authorities have carried out their first coordinated enforcement operation targeting illegal peer-to-peer (P2P) crypto trading, with the Financial Conduct Authority (FCA) joining HM Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit (SWROCU) to raid eight premises in London. Cease-and-desist letters were issued at each location. Investigators also collected evidence that is now being used across multiple ongoing criminal investigations. The FCA said no P2P crypto traders or platforms are currently registered in the UK, meaning all such activity is operating illegally. FCA enforcement director Steve Smart said unregistered P2P traders "pose a financial crime risk." SWROCU DI Ross Flay said the operation is aimed at disrupting routes used by criminals to "move, disguise and spend illegal money." The action follows earlier FCA efforts against illegal crypto ATMs and the Metropolitan Police arrests in June 2024 linked to an unregistered exchange. It also comes as the UK moves toward a broader crypto framework, with licensing set to open in September 2026 and the full rulebook expected by October 2027.