The UK Financial Conduct Authority (FCA) has launched its first crackdown on illicit peer-to-peer cryptocurrency transactions.

CoinFeed reported on April 23 that, according to The Block, the UK Financial Conduct Authority (FCA) has launched its first joint enforcement action against illegal peer-to-peer crypto trading, inspecting eight locations in London suspected of operating illegal P2P crypto exchanges and issuing stop-loss orders. The FCA stated that there are currently no registered P2P crypto brokers or platforms in the UK, and such activities require proper registration. Unregistered P2P crypto brokers are operating illegally and pose a financial crime risk. This operation was conducted in cooperation with HM Revenue and Customs and the South West Regional Organized Crime Unit, and the evidence collected is supporting multiple criminal investigations. The FCA has previously prosecuted individuals operating illegal crypto ATM networks and, in June 2024, cooperated with London police to arrest two individuals suspected of operating illegal crypto exchanges.