The Financial Conduct Authority has carried out further enforcement action against suspected illegal crypto trading operations in London.
Working alongside HM Revenue & Customs and the Metropolitan Police Service, the regulator targeted three premises suspected of conducting unregistered peer-to-peer crypto trading activity.
Cease and desist letters were issued at all three locations, requiring traders to stop any suspected illegal crypto business activities.
Peer-to-peer crypto trading involves individuals buying and selling digital assets directly with one another. Businesses conducting such activities in the UK are required to register with the FCA.
The regulator said there are currently no FCA-registered peer-to-peer crypto businesses operating in the UK.
According to the FCA, unregistered operators can create opportunities for money laundering and other financial crime by operating outside established anti-money laundering controls.
Steve Smart, Executive Director of Enforcement and Market Oversight at the FCA, said the regulator would continue to target illegal crypto activity in partnership with law enforcement agencies.
The latest action follows a similar crackdown launched by the FCA in April, with evidence gathered during that operation now supporting ongoing criminal investigations and enforcement proceedings.
