Along with law enforcement and tax authorities, the U.K.’s Financial Conduct Authority (FCA) is cracking down on illicit crypto trading activity.
The regulator undertook its first enforcement operation — along with HM Revenue & Customs and the South West Regional Organized Crime Unit — against eight locations across London suspected of engaging in illegal peer-to-peer crypto trading.
“Evidence obtained during the on-site inspections is supporting a number of ongoing criminal investigations,” it reported. It said it had also served cease-and-desist orders at the locations, ordering the traders to stop their illegal activity.
“Unregistered peer-to-peer crypto traders operating in the U.K. are doing so illegally and pose a financial crime risk. We will use our powers and work with partners to disrupt them,” said Steve Smart, executive director of enforcement and market oversight at the FCA, in a release.
“As law enforcement, we want to stop these traders providing a route for criminals to move, disguise and spend illegal money,” added detective inspector Ross Flay of the organized crime unit.
Previously, the FCA has taken action against the operators of illegal crypto ATMs, and the alleged operators of an illegal crypto asset exchange.