The UK Financial Conduct Authority (FCA) has carried out further operations with partners to disrupt illegal peer-to-peer crypto trading across multiple London locations.

Working with HM Revenue & Customs (HMRC) and the Metropolitan Police Service, the FCA targeted three premises suspected of illegal peer-to-peer crypto trading.

Cease and desist letters were issued at all three premises, requiring traders to stop any suspected illegal crypto businesses.

Peer-to-peer trading is when individuals buy and sell crypto directly with each other. Anyone doing this by way of business in the UK requires appropriate registration. There are currently no FCA registered peer-to-peer crypto businesses operating in the UK.

Unregistered peer-to-peer crypto traders operating by way of business in the UK can provide a route for criminals to move and launder illicit funds. By operating outside the FCA’s registration regime, they avoid controls designed to detect and prevent money laundering.

This operation follows action taken by FCA against illegal peer-to-peer crypto trading businesses in April 2026. Evidence gathered during that operation is being used to support criminal investigations and other enforcement action.

The FCA has a track record of tackling illegal cryptoasset activity, including prosecuting the operator of an unlawful crypto ATM network and supporting the arrest of two individuals suspected of running an illegal crypto exchange.