The UK's Financial Watchdog Just Conducted Its First Physical Crypto Crackdown
On April 22, officers from the UK Financial Conduct Authority, working alongside HM Revenue and Customs and the South West Regional Organised Crime Unit, raided eight premises across London suspected of running illegal peer-to-peer cryptocurrency trading operations. It was the first coordinated physical enforcement action the FCA has ever taken against the illegal crypto sector.
At each of the eight sites, officials issued cease-and-desist notices and gathered evidence now feeding into active criminal investigations. None of the sites operated with FCA registration. Under UK law, businesses facilitating crypto exchange services for others must be registered and must maintain anti-money laundering controls. None of these operations had either.
What These Sites Were Doing
The FCA's concern was not primarily that people were trading crypto - it's that unre...
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