Authorities in the U.K., including the Financial Conduct Authority (FCA), are cracking down on unregistered, peer-to-peer crypto trading.
The FCA reports that, along with the Metropolitan Police Service and HM Revenue & Customs, it is targeting suspected illegal crypto trading at various sites in London — and, issued cease-and-desist orders at three locations.
The regulator said that there currently aren’t any registered firms enabling peer-to-peer crypto trading, and unregistered activity can be a conduit for financial crime, such as money laundering.
“Working with partners, we continue to track and disrupt illegal crypto activity. Anyone running an unregistered peer-to-peer crypto business should assume we are looking at them,” said Steve Smart, executive director of enforcement and market oversight at the FCA, in a statement.
The latest operation follows action taken earlier this year by the FCA against illegal peer-to-peer crypto trading.
“Evidence gathered during that operation is being used to support criminal investigations and other enforcement action,” the FCA said.