Caroline Black comments in the media on the FCA’s crackdown on unregistered crypto businesses

The Financial Conduct Authority (FCA), in cooperation with HM Revenue & Customs (HMRC) and the Metropolitan Police, have taken further action against illegal peer-to-peer (P2P) crypto trading in London, targeting three premises suspected of operating unregistered P2P crypto businesses. The latest action follows an earlier FCA-led operation in April and serves as a useful reminder for firms to stay vigilant and prepare for the UK’s new crypto regulatory regime.

Caroline Black, Consultant at Gherson Solicitors, has recently been featured across multiple media outlets, sharing her insights on the FCA’s increasing enforcement activity and the evolving UK crypto regulatory regime.

Commenting on the developments, Caroline shared her insights:

“The era of light-touch crypto regulation in the UK is at an end. This second coordinated enforcement operation in six months confirms the FCA’s shift from warnings to active disruption of unregistered P2P crypto businesses, with criminal liability being a live risk for any operator trading by way of business without MLR registration. The fact that no P2P crypto business is currently FCA-registered means the entire sector is operating unlawfully. With full FSMA authorisation replacing MLR registration from October 2027 — and the application gateway opening on 30 September — firms face not only immediate enforcement exposure but substantially more demanding prudential, conduct and governance standards ahead. It is time for the sector to sit up and take note of the risks it faces.”

Read the coverage:

• Wealth Investment News: FCA publishes guidance on new crypto regime
• Law360 UK: FCA Blocks More Peer-To-Peer Illegal Crypto Traders
• Coin Desk: FCA steps up crypto enforcement with raids on illegal London P2P trading sites
• Traders Union: FCA steps up crypto enforcement against illegal London P2P trading sites
• Crypto News: UK signals end of ‘light-touch’ era with multi-agency raid on peer-to-peer crypto hubs

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