UK FCA Conducts Raids on Multiple Locations Suspected of Illegal P2P Cryptocurrency Trading

On April 22, the UK’s Financial Conduct Authority (FCA), in collaboration with HM Revenue & Customs and the South West Regional Organised Crime Unit, conducted raids on eight locations within the UK suspected of engaging in illegal P2P cryptocurrency trading. Officials issued injunctions on-site, demanding operators to cease activities immediately and collect relevant evidence. The FCA noted that currently, there are no P2P cryptocurrency traders or platforms registered with the regulatory body in the UK. Additionally, during the recent Operation Atlantic, law enforcement agencies from multiple countries froze assets worth $12 million related to cryptocurrency fraud and traced over $45 million in stolen cryptocurrency. The FCA is currently consulting on a regulatory framework for cryptocurrencies set to take effect in 2027.

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