FCA Conducts First Operation to Disrupt Illegal P2P Crypto Trading in London
The FCA showed up in person. Multiple locations. Illegal crypto trading busted across London.
What Changed
On April 23, 2026, the FCA announced it had carried out its first physical enforcement operation to disrupt illegal peer-to-peer crypto trading across multiple London locations. The operation was conducted in partnership with law enforcement agencies and targeted unregistered crypto-asset businesses operating outside the UK's AML registration regime. The FCA has emphasized that any firm conducting crypto-asset activity in the UK must be registered under the Money Laundering Regulations.
Who It Affects
Any person or business conducting crypto-asset exchange, custody, or transfer services in the UK without FCA registration. The operation signals a shift from online-only enforcement to physical disruption — the FCA is now showing up at locations, not just sending letters.
What to Do
If you operate any form of crypto-asset business in the UK — including informal P2P trading — ensure you are registered with the FCA under the MLRs. Unregistered activity is a criminal offense. The FCA's willingness to conduct physical operations indicates enforcement is escalating.
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