The Financial Conduct Authority raided three unregistered peer-to-peer crypto trading sites in London. These counters exchanged cash for bitcoin or stablecoins without any identity verification. Operating unregistered crypto exchange activity carries a penalty of two years imprisonment and an unlimited fine. Only about 50 companies are registered with the FCA’s crypto register, with an acceptance rate of approximately 14 percent. The regulator is moving from issuing warnings to conducting on-site raids, as the full licensing regime under the Financial Services and Markets Act deploys this year.
Source: Read the original article
