UK FCA Raids Illegal Crypto P2P Trading Hubs in London

FCA raids — The UK’s Financial Conduct Authority (FCA) has raided three locations in London to shut down illegal peer-to-peer cryptocurrency trading operations, signaling a major escalation in enforcement.

The regulator, working with the Metropolitan Police and tax authorities, ordered traders at the sites to cease operations. The FCA stated that no peer-to-peer crypto businesses are currently registered in Britain, meaning these operators were evading anti-money laundering safeguards.

The enforcement action coincides with the FCA issuing detailed guidance to crypto firms ahead of the UK’s full regulatory framework taking effect in late 2027. The regulator has signaled an end to a ‘light-touch’ era as it prepares to oversee the sector.

Firms will be able to apply for FCA authorization from September 30, 2026, through February 28, 2027, with the full framework becoming operational on October 25, 2027.