UK regulators target illegal p2p crypto trading in London

by@Cointelegraph

Summary

UK regulators have conducted operations targeting three London premises suspected of illegal peer-to-peer cryptocurrency trading, issuing cease-and-desist letters to the involved operators. This action is part of a broader effort by UK authorities to disrupt unregistered crypto trading activities, which could potentially facilitate money laundering. In light of these developments, the UK is also advancing a new regulatory framework for cryptoassets, providing guidance to help firms prepare for forthcoming authorization requirements.

Analysis

UK regulators: UK regulators, led by the Financial Conduct Authority alongside partners such as HM Revenue & Customs and the Metropolitan Police, oversee financial services, markets, and anti-money laundering compliance in the United Kingdom. They enforce registration requirements for crypto-related businesses to mitigate financial crime risks. In this development, they conducted targeted operations issuing cease-and-desist letters to operators of suspected illegal peer-to-peer crypto trading premises in London. Regulation: The UK is advancing a new cryptoasset regulatory framework with guidance recently issued to help firms prepare for upcoming authorization requirements. Enforcement: UK authorities continue coordinated operations to disrupt unregistered peer-to-peer crypto trading activities that could facilitate money laundering.

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