PANews reported on April 23 that, according to The Block, the UK Financial Conduct Authority (FCA) has launched its first joint enforcement action against illegal peer-to-peer crypto trading, inspecting eight locations in London suspected of illegal P2P crypto trading and issuing stop-loss orders. The FCA stated that there are currently no registered P2P crypto brokers or platforms in the UK, and such activities require proper registration. Unregistered P2P crypto brokers are operating illegally and pose a financial crime risk.

This operation, conducted in cooperation with HM Revenue and Customs and the South West Regional Organized Crime Unit, has yielded evidence supporting multiple criminal investigations. The FCA has previously prosecuted individuals operating illicit crypto ATM networks and, in June 2024, cooperated with London police to arrest two individuals suspected of operating an illegal crypto exchange. Lawyers suggest this move indicates the FCA is expanding its enforcement scope rather than waiting for a more comprehensive crypto regime to take effect in 2027.