In September 2026 the Financial Conduct Authority (FCA), working with HM Revenue & Customs and the Metropolitan Police, visited three London premises suspected of illegal peer-to-peer crypto trading and issued cease-and-desist letters. The FCA’s statement is blunt: unregistered P2P desks operating by way of business in the United Kingdom sit outside anti-money-laundering controls and can move criminal proceeds. An earlier 2026 operation hit eight sites on the same theme; the regulator also continues to stress that there are no legally operated crypto ATMs in the UK.
For ordinary users the practical lesson is dull and useful. A shop that will convert cash or a bank transfer into coins with no questions asked is not a convenience — it is a compliance vacuum. If you need to buy or sell crypto, prefer firms you can find on the FCA’s register for the activity they claim, and keep records. Using an unregistered desk can tangle you in someone else’s crime even when your own intent was simply a quick swap.
Scam investigations often stop at a blockchain address. Physical P2P shops are the next hop in that chain. If you were steered to one by a “broker”, romance contact or recovery agent, treat that as part of the fraud pattern and report it with the rest of your evidence.
Questions about reporting routes: Get help.
This article is for general information only. It is not legal or financial advice. Details change. If you have lost money, contact your bank or card issuer and use the routes on the help pages.