Key Takeaways:
The FCA raided 8 premises on April 22, 2026, issuing cease and desist letters in the UK’s first P2P crypto crackdown. SWROCU’s DI Ross Flay cited money laundering risk, with evidence from the raids supporting multiple criminal investigations. The FCA’s Firm Checker tool remains the primary resource for consumers as enforcement of crypto AML rules intensifies in 2026. FCA Targets Unregistered Peer-to-Peer Crypto Traders in Coordinated UK RaidsEvidence gathered during the inspections is now feeding into multiple ongoing criminal investigations.
Steve Smart, executive director of enforcement and market oversight at the FCA, said unregistered peer-to-peer traders are operating illegally and creating financial crime risks. “We will use our powers and work with partners to disrupt them,” Smart stated.
Detective Inspector Ross Flay of SWROCU pointed to money laundering as a central concern. Flay said the goal is to stop illegal traders from giving criminals a route to move, hide, and spend illicit funds.
The agency said it will continue using its powers to pursue unregistered operators.
