UK's FCA orders cease-and-desist at illegal peer-to-peer crypto sites
→Unregistered peer-to-peer crypto traders must stop operations immediately
Change
UK's FCA has ordered unregistered peer-to-peer crypto trading to stop immediately across multiple London premises, issuing cease-and-desist letters after coordinated inspections with HM Revenue & Customs and the South West Regional Organised Crime Unit and passing evidence to criminal investigators under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Why it matters
Operators must hold FCA registration to run peer-to-peer crypto trading; there are currently no FCA-registered peer-to-peer crypto traders or platforms operating in the UK. Targeted on-site inspections have produced evidence that is supporting criminal investigations into unregistered peer-to-peer crypto activity.
Implications
- → Unregistered peer-to-peer crypto traders in the UK must cease trading immediately — continuing operations exposes them to criminal investigation and potential prosecution under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
- → Owners or operators of physical premises used to facilitate peer-to-peer crypto trades in London must stop hosting such activity immediately — failure invites enforcement action and evidence-sharing with criminal investigators, risking prosecution under the same Regulations.
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Source
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