London: Britain’s financial watchdog has stepped up its crackdown on suspected illegal crypto activity after targeting eight premises in London believed to be involved in unlawful peer-to-peer crypto trading. The Financial Conduct Authority said it worked with HM Revenue & Customs and the South West Regional Organised Crime Unit during the operation, issuing cease-and-desist letters at each site. Evidence gathered during inspections is now being used in a number of ongoing criminal investigations.
The move is the latest sign that UK authorities are tightening pressure on parts of the crypto market operating outside anti-money-laundering rules. In Britain, firms carrying out certain cryptoasset activities must be registered with the FCA under money-laundering regulations, and the regulator has repeatedly warned that businesses flouting those rules could face enforcement action.
The London action also fits into a broader UK push to bring the crypto sector under closer oversight. The FCA said last week that firms will be able to start applying for authorisation under the future crypto regime from September 2026, as the government and regulators move toward a more formal framework for trading platforms, custody, stablecoins and related services.
Authorities have been sharpening enforcement for some time. The FCA has previously said all crypto ATMs operating in the UK without registration are illegal, and earlier enforcement work led to arrests, seizures and the disruption of dozens of suspected unlawful machines across the country
