The U.K. government announced on Aug. 18 that a London court had wound up Key Coin Assets Ltd a week earlier. An investigation by the Insolvency Service found no evidence that the company carried out any of the crypto trading it advertised. Nine people who took their complaints to Action Fraud paid the company more than £300,000 between them. The firm told investors it could guarantee returns ranging from 40% to 100%, while one online promotion claimed “0 Fees, 0 Risks.” Insolvency Service Chief Investigator Mark George said the behavior displayed all the hallmarks of a Ponzi-style scheme, with money from newer investors appearing to go toward paying off earlier ones. Customer funds were often transferred into the company director’s personal account within hours, making them difficult to trace, while accounting records were not provided. The company repeatedly changed its official address and filed false assets of up to £42 million at Companies House. Investors were instructed to avoid terms such as “crypto” and “investment” in bank payment references. Fraud against individuals and businesses cost the U.K. economy £14.4 billion in 2023-24. The Financial Conduct Authority added Key Coin Assets to its list of unauthorized firms on Sept. 12, 2024. The regulator has stepped up enforcement, including raids on eight premises linked to suspected illegal peer-to-peer crypto trading. Crypto firms carrying on regulated activities in the U.K. will answer to the FCA under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, which were finalized in February 2026 with an Oct. 25, 2027 effective date and applications opening on Sept. 30, 2026. Separately, U.K. lawmakers opened a July inquiry into crypto banking access.