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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InThe UK Financial Conduct Authority (FCA), in collaboration with the police and HM Revenue and Customs (HMRC), conducted raids on properties in London suspected of facilitating peer-to-peer (P2P) crypto trading without registration. Authorities allege these hubs were used to move, disguise, and spend illegal money, marking the first enforcement operation of its kind in the UK. Following the raids, cease-and-desist orders were issued due to a lack of mandatory Anti-Money Laundering (AML) protections. The FCA emphasized that this joint crackdown is essential to protecting the financial system and ensuring regulatory compliance across the digital asset sector. This enforcement action is expected to significantly tighten liquidity within unregulated P2P channels. These moves reflect a broader trend of regulators imposing stricter oversight on entry and exit ramps within the crypto market.