UK FCA raids eight London P2P crypto trading sites in first multi-agency crackdown

April 22 — Reuters reported that the UK's Financial Conduct Authority (FCA), working with tax officials and police, raided eight locations in London suspected of facilitating illegal peer-to-peer (P2P) cryptocurrency trading and issued cease-and-desist notices to those involved. The operation is the FCA's first coordinated enforcement action carried out with multiple agencies. The FCA said evidence gathered during the onsite inspections has supported several criminal investigations into suspected money laundering and terrorist financing. The regulator warned that unregistered P2P trading can be used to move and disguise illicit funds, adding that no P2P crypto traders are currently registered with the FCA in the UK. Market participants said the move suggests UK authorities are shifting from policy guidance to tangible enforcement, with further crackdowns likely. Under the current regime, cryptoassets in the UK remain classed as high-risk investments and are mainly overseen through anti-money laundering requirements and financial promotion rules.