Britain's Financial Conduct Authority (FCA) executed coordinated raids at eight unregistered peer-to-peer cryptocurrency trading operations across London today. The operation, conducted with HM Revenue & Customs and regional crime units, marks the regulator's latest move against illicit platforms facilitating potential money laundering and market abuse.

Targeted platforms were found operating without FCA registration—a legal requirement for all UK crypto asset businesses since 2020. Enforcement teams seized equipment and issued cease-and-desist notices, with Executive Director Steve Smart warning: 'These illegal operations aren't just non-compliant—they're active enablers of financial crime.'

The crackdown highlights growing regulatory scrutiny of peer-to-peer crypto networks, particularly those bypassing anti-money laundering (AML) protocols. No registered entities currently offer such services in the UK, creating a regulatory gray zone exploited by bad actors.