FCA orders unregistered peer-to-peer crypto traders to stop
Unregistered peer-to-peer crypto traders operating by way of business in the UK must stop
Change
The FCA issued cease-and-desist letters at eight London premises suspected of unregistered peer-to-peer crypto trading and clarified that peer-to-peer crypto trading carried out by way of business in the UK requires appropriate registration.
Why it matters
The action sets the enforcement boundary for UK peer-to-peer crypto trading: personal peer-to-peer transactions are not the target, but trading carried out by way of business without FCA registration is illegal. Operators facilitating business P2P crypto activity must stop unless appropriately registered, and premises used for unregistered activity can become evidence sources for criminal investigations.
Implications
- — Peer-to-peer crypto traders carrying out activity by way of business in the UK must stop unless they have appropriate FCA registration.
- — Operators of premises used for business peer-to-peer crypto trading must stop hosting unregistered activity after FCA cease-and-desist action.
- — Crypto compliance teams must distinguish personal peer-to-peer transactions from activity carried out by way of business when assessing whether FCA registration is required.
See full brief
Use 1 free preview to unlock implications, who’s affected, what to watch, and Clarify for this brief.
2 free previews left this month · Resets 1 Jul
Source