FCA targets three London crypto sites
- The FCA has targeted three London premises suspected of illegal peer-to-peer crypto trading.
- The regulator issued cease-and-desist letters at all three locations in a joint operation with HMRC and the Metropolitan Police.
- The action comes as the UK prepares for its new crypto framework to take full effect on 25 October 2027.
The UK Financial Conduct Authority (FCA) has targeted three London premises suspected of operating illegal peer-to-peer crypto businesses.
The operation followed an earlier FCA crackdown in April that targeted eight London premises suspected of similar activity.
“Working with partners, we continue to track and disrupt illegal crypto activity,” said FCA Executive Director of Enforcement and Market Oversight Steve Smart.
The FCA issued cease-and-desist letters at all three locations and said no peer-to-peer crypto businesses are currently registered with the regulator in the UK.
The regulator said unregistered businesses can bypass controls designed to detect and prevent money laundering, while the latest action was carried out on 10 September 2026.
The UK crypto framework is scheduled to take full effect on 25 October 2027, with firms able to apply for FCA approval from 30 September 2026 through 28 February 2027.
The FCA has also outlined requirements covering qualifying stablecoins, crypto exchanges, digital asset custody, staking and other activities under the incoming framework.
