The Financial Conduct Authority, HMRC, and Metropolitan Police coordinated raids on London premises on Thursday to target illegal peer-to-peer cryptocurrency businesses. Officers entered three hubs, ordering traders to halt business operations immediately and issuing cease-and-desist letters to the operators during the action.

UK regulators stated that no peer-to-peer cryptocurrency firms are registered in the UK. The joint effort specifically focused on premises suspected of conducting unregistered crypto trading and lacking the necessary licenses to operate within the country.