UK Authorities Conduct Joint Operation Against Three Suspected P2P Crypto Trading Hubs

Three locations suspected of facilitating unregistered peer-to-peer (P2P) virtual asset trading in London have been targeted by a joint operation led by the Financial Conduct Authority (FCA), HM Revenue & Customs (HMRC), and London Police. The FCA announced on September 17 that the three sites were inspected as part of the enforcement action, with cease-and-desist notices issued to halt suspected illegal operations. The operation took place on September 10.

The FCA clarified that conducting P2P virtual asset trading as a business in the UK requires proper registration, noting there are currently no registered P2P crypto businesses operating in the country. On September 16, the regulator also published new guidelines explaining the scope of its updated regulatory framework for virtual assets, which will take effect on October 25, 2027, with business license applications to be accepted starting September 30, 2026.