The Financial Conduct Authority announced Thursday that it had conducted coordinated enforcement actions at three locations in London tied to unregistered peer-to-peer cryptocurrency trading operations. The moves, carried out alongside HM Revenue & Customs and the Metropolitan Police, required traders at the sites to cease activities that circumvented Britain’s anti-money laundering safeguards. No peer-to-peer crypto businesses are currently registered with the FCA, meaning operators function outside its oversight framework. The crackdown precedes the full implementation of the U.K.’s crypto regulatory regime on Oct. 25, 2027, with a formal application window for firms opening Sept. 30 and closing Feb. 28, 2027. Caroline Black, a consultant at Gherson Solicitors LLP, noted the enforcement reflects a shift from advisory warnings to active disruption of noncompliant operations. Aditya Mittal of Capco emphasized that firms must now clarify which aspects of their services fall under the forthcoming regulatory perimeter, including stablecoin issuance, exchange operations, and asset custody. The FCA reiterated that unregistered platforms evade controls designed to detect illicit financial flows.