FCA Targets Three More London Sites Over Unregistered P2P Crypto Trading
"Anyone running an unregistered peer-to-peer crypto business should assume we are looking at them," the FCA's enforcement chief said.
The Financial Conduct Authority (FCA) in Britain has taken action against three London premises suspected of running illegal peer-to-peer cryptocurrency trading businesses. In a statement on Thursday, the regulator, working alongside tax officials and police, issued cease and desist letters at each location. The identities of the sites were not disclosed.
Steve Smart, the FCA's executive director of enforcement and market oversight, warned anyone operating an unregistered peer-to-peer crypto business to assume they are under investigation. Unregistered peer-to-peer crypto traders are often used to facilitate the movement and laundering of illicit funds.
According to the FCA, there are currently no registered peer-to-peer crypto trading businesses operating in Britain. The regulator's latest operation comes after a similar crackdown in April, when they targeted eight London addresses suspected of engaging in illegal peer-to-peer crypto trading.
Crypto assets are considered high-risk investments in Britain and are largely unregulated, with the exception of anti-money laundering requirements and rules regarding financial promotions.
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- UK watchdog targets three London sites suspected of illegal crypto trading dailymaverick.co.za
