UK's FCA Raids Eight London P2P Crypto Sites — and Zero Are Legally Registered!

The UK's Financial Conduct Authority, working alongside police and tax officials, visited eight London addresses suspected of running illegal peer-to-peer crypto trading operations, issuing cease-and-desist letters at each site. The FCA confirmed that evidence gathered is now feeding criminal investigations — and that there are currently zero FCA-registered peer-to-peer crypto traders in Britain.

The legal threshold is clear: occasional person-to-person trades are fine, but regularly exchanging crypto for cash, advertising a service, or acting as a recurring intermediary crosses into regulated territory. Under UK Money Laundering Regulations, in-scope crypto businesses must register before operating, verify customers, monitor transactions, and report suspicious activity. Having tax officials embedded in the operation signals that enforcement here spans financial crime, tax compliance,…