FCA Cracks Down on Illegal Crypto Trading in London
Cease-and-desist letters were issued at three premises as investigators said unregistered operators can help criminals move and launder illicit funds.
- On Sept 10, the Financial Conduct Authority, HMRC, and the Metropolitan Police targeted three London premises suspected of operating illegal peer-to-peer crypto businesses, issuing cease and desist letters at each location.
- Authorities target unregistered peer-to-peer trading sites because they can be used to launder illicit funds, extending enforcement efforts that began earlier this year against businesses conducting crypto activities without required registration.
- Steve Smart, FCA executive director of enforcement, warned: "Anyone running an unregistered peer-to-peer crypto business should assume we are looking at them," citing the money laundering risks posed by unregistered operators.
- Evidence collected during inspections is now being used to support ongoing criminal investigations into the suspected illegal activity at all three sites.
- Applications for the FCA's new crypto authorization framework open on Sept 30, with mandatory compliance required by Oct 25, replacing the current anti-money laundering registration system for crypto businesses.
26 Articles
26 Articles
FCA Cracks Down on Illegal Crypto Trading in London
The FCA has targeted unregistered peer-to-peer cryptocurrency trading in London, issuing cease and desist orders to three premises. This operation highlights the high-risk and largely unregulated nature of crypto assets in Britain, despite anti-money laundering rules.
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Cryptocurrency News | Cryptocurrency Prices | Market CapFCA cracks down on illegal peer to peer crypto traders in London
The UK Financial Conduct Authority has targeted three London premises suspected of running illegal peer to peer crypto trading businesses, extending an enforcement campaign against unregistered digital asset activity. According to the FCA, the operation was carried out on Sept.…
The UK Financial Conduct Authority (FCA) has raided three addresses in London suspected of being involved in illicit cryptocurrency trading. The operation, conducted in conjunction with tax authorities and police, aimed to halt the suspicious activities.
UK Regulators Target Three London Sites Over Illegal P2P Crypto Trading
The UK’s Financial Conduct Authority joined HM Revenue & Customs and the Metropolitan Police in an operation targeting three London premises suspected of illegal peer-to-peer crypto trading, extending a crackdown on unregistered crypto businesses operating outside the country’s anti-money laundering regime. The September 10 operation resulted in cease-and-desist letters at all three premises, requiring the… Continue reading UK Regulators Target …
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