UK FCA Raids Target Illegal Crypto Trading: Inspects 8 Locations in London, Strengthens Anti-Money Laundering Enforcement

On April 22, Reuters reported that the UK’s Financial Conduct Authority (FCA) recently conducted joint raids with tax authorities and police on eight locations in London suspected of illegal peer-to-peer (P2P) crypto trading, issuing notices to relevant parties to cease operations. This marks the FCA’s first coordinated enforcement action with multiple departments. The FCA stated that evidence obtained on-site has supported several criminal investigations, focusing on activities that may involve money laundering and terrorist financing. The regulatory body pointed out that unregistered P2P trading activities could be used by criminals to transfer and conceal funds, and currently, there are no FCA-registered P2P crypto traders in the UK. Industry insiders believe this action indicates a shift in UK regulation from policy statements to substantive enforcement, with similar crackdowns likely to continue in the future. Under the current framework, crypto assets in the UK are still considered high-risk investments, primarily governed by anti-money laundering and financial promotion regulations.

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