UK FCA raids London sites in crypto crackdown

The Financial Conduct Authority led coordinated raids on eight London premises targeting suspected illegal peer-to-peer crypto trading operations.

The operation involved HM Revenue & Customs and the South West Regional Organised Crime Unit, with officers issuing cease-and-desist orders requiring immediate suspension of unauthorised activities.

“Unregistered peer-to-peer crypto traders operating in the UK are doing so illegally and pose a financial crime risk,”

Said Steve Smart, adding:

“We will use our powers and work with partners to disrupt them.”

Authorities said evidence gathered during the raids will support ongoing criminal investigations, particularly around suspected money laundering facilitated through unregulated trading channels.

“By working with our colleagues at the FCA and HMRC, we are able to effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally,”

Said Ross Flay.

“As law enforcement, we want to stop these traders providing a route for criminals to move, disguise, and spend illegal money.”

Following the announcement the Financial Conduct Authority share price was unchanged at $XX.

The regulator said it currently has no legally registered peer-to-peer crypto traders in the UK, meaning all such activity operates outside formal oversight despite growing global scrutiny of the sector.

The raids mark a shift toward stricter enforcement as the FCA prepares a broader regulatory framework, with crypto firms expected to begin applying for authorisation from September 2026 ahead of full implementation in 2027.