FCA Launches Landmark First-Ever Raids on 8 Illegal P2P Crypto Hubs in London

The UK's FCA has executed its first-ever on-site raids targeting illegal peer-to-peer crypto trading, inspecting eight London locations, issuing immediate cease-and-desist orders, and collecting evidence alongside HMRC and the South West Regional Organised Crime Unit. Initial reports of raids on crypto traders' properties evolved into this coordinated crackdown, highlighting that no P2P entities are FCA-registered amid upcoming licence applications in September 2026 and a full framework by October 2027. Short-term, expect Bitcoin volatility and selling pressure from heightened regulatory risks; long-term, it may drive flows to regulated exchanges.