UK regulator takes action against three London sites — Daily Maverick
In the United Kingdom, the British financial regulator, the FCA, has taken action against three sites in London suspected of operating unregistered peer-to-peer cryptocurrency trading services. As Daily Maverick reports, the regulator acted jointly with tax authorities and police under anti-money laundering and counter-terrorist financing rules.
Cease-and-desist letters
The FCA said it issued cease-and-desist letters at each of the three sites. The regulator did not disclose the addresses or the premises themselves.
Steve Smart, the FCA’s executive director of enforcement and market oversight, said that people running unregistered peer-to-peer crypto trading businesses should assume that the regulator is watching them.
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Risks of illegal transactions
According to the authorities, unregistered peer-to-peer crypto traders may be used to transfer and launder illicit funds. The FCA noted that there are currently no registered businesses engaged in peer-to-peer cryptocurrency trading in the United Kingdom.
The operation was carried out earlier in September. It followed similar action in April, when the regulator took action against eight London addresses linked to suspicions of illegal peer-to-peer crypto trading. Cryptoassets in the United Kingdom are considered high-risk investments; the sector is largely unregulated, apart from anti-money laundering requirements and financial promotion rules.
