Daily Compliance Brief — FCA Disrupts Unregistered Crypto Trading in London

September 17, 2026

Signal

The UK Financial Conduct Authority (FCA) took enforcement action against suspected illegal peer-to-peer crypto trading at three London premises on September 17, 2026. According to the FCA press release, the operation was conducted with HM Revenue & Customs and the Metropolitan Police Service, with cease and desist letters issued at all three locations.

The FCA stated that individuals conducting peer-to-peer crypto trading by way of business in the UK require appropriate registration, and that there are currently no FCA-registered peer-to-peer crypto businesses operating in the country.

Why it matters

Crypto firms and financial institutions should assess exposure to unregistered peer-to-peer trading activity, particularly where counterparties, cash movements, or transaction patterns indicate informal crypto dealing.

Transaction monitoring and customer-risk controls should account for potential links between unregistered crypto activity and the movement or laundering of illicit funds, including activity involving businesses operating outside the FCA's registered perimeter.