FCA Targets Three London P2P Crypto Premises

Key Takeaways

• The FCA issued cease-and-desist letters at three London premises suspected of unregistered peer-to-peer crypto trading.
• The September 10 operation used existing anti-money-laundering powers, ahead of the UK's broader crypto regime in October 2027.

Details

Britain's Financial Conduct Authority said on September 17, 2026, that it had targeted three London premises suspected of running illegal peer-to-peer crypto businesses. It worked with HM Revenue & Customs and the Metropolitan Police Service during the September 10 operation, issuing cease-and-desist letters at each location, according to the FCA announcement.

The letters required traders to stop any suspected illegal crypto business. The premises were not named.

Peer-to-peer trading allows people to buy and sell crypto directly with each other. The FCA said anyone carrying out that activity as a business in the UK needs appropriate registration; it currently has no registered peer-to-peer crypto businesses operating in the country.

The action was taken under the 2017 money-laundering regulations. The regulator said unregistered businesses can bypass controls intended to detect and prevent the laundering of criminal funds.

Market Analysis

For in-scope crypto businesses, current registration and future authorization are separate requirements. In guidance updated September 16, the FCA says in-scope businesses must register before starting to trade and continue complying with the existing requirements until the new regime begins.

Applications under the Financial Services and Markets Act open on September 30, 2026, with the new regime expected to start on October 25, 2027. Existing money-laundering registration does not guarantee authorization under that system.

Sources: FCA enforcement announcement, September 17, 2026; FCA registration guidance, updated September 16, 2026.

Note: This article is for news reporting purposes only and does not constitute investment advice.