FCA Targets Three London Cryptocurrency Trading Sites as UK Licensing Clock Starts

London, September 20, 2026, 02:26 (BST)

• The FCA issued cease-and-desist letters at three London premises after a September 10 operation.
• No peer-to-peer crypto business is currently registered with the UK regulator.
• The new authorization gateway opens September 30, ahead of full rules in October 2027.

Britain’s Financial Conduct Authority has targeted three London premises suspected of illegal peer-to-peer cryptocurrency trading. The regulator said all three received cease-and-desist letters after a September 10 operation.

The timing matters. Applications for Britain’s wider crypto regime open in 10 days, sharply separating authorized platforms from informal cash dealers.

That divide could become a costly gate or a compliance moat. Coinbase Global, Inc. NASDAQ:COIN, Robinhood Markets, Inc. NASDAQ:HOOD and eToro Group Ltd. NASDAQ:ETOR are liquid listed proxies for crypto trading demand.

UK crypto registration has been a narrow gate

Units: applications and calculated percentage of determinations; rounding may affect totals. Source: FCA registration data. The FCA reported 417 applications received.

Only 68 of 391 determined anti-money-laundering applications have led to registration since 2020. Withdrawals account for most other outcomes, so the data do not equal a 83% refusal rate.