UK launches first on-site crackdown on illegal P2P crypto trading

The UK's Financial Conduct Authority (FCA) has conducted its first on-site crackdown on illegal peer-to-peer (P2P) cryptocurrency trading, Cointelegraph reported. In a joint operation with HM Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit, the FCA inspected eight locations where illegal crypto transactions were taking place, issuing immediate cease-and-desist orders. Steve Smart, the FCA's Executive Director of Enforcement and Market Oversight, stated that unregistered P2P crypto trading is an illegal activity that creates risks of financial crime. Although P2P crypto trading in the UK requires official approval, there are currently no P2P traders or platforms registered with the FCA.