UK FCA Raids to Tackle Illegal Crypto Trading: Raids 8 London Locations, Strengthens Anti-Money Laundering Enforcement

**April 22nd (Reuters) — The UK’s Financial Conduct Authority (FCA) has conducted a joint raid alongside tax authorities and law enforcement on eight suspected illegal peer-to-peer (P2P) cryptocurrency trading platforms in London, issuing cease-and-desist orders to the involved entities. This marks the FCA’s first joint enforcement action with multiple agencies targeting such activities.** The FCA stated that evidence gathered during the operation supports multiple criminal investigations, focusing on potential money laundering and terrorist financing activities. The regulator emphasized that unregistered P2P crypto trading platforms may be exploited by criminals to move and hide funds, noting there are currently no FCA-registered P2P crypto traders in the UK. Industry experts note this move signals a shift in UK regulation—from issuing policy statements to taking substantive enforcement action—suggesting similar crackdowns may intensify going forward. Under the current framework, crypto assets in the UK remain high-risk investments, primarily subject to anti-money laundering (AML) and financial promotion rules.