The FCA (UK financial regulator), HMRC (UK tax authority) and the Metropolitan Police inspected three London commercial premises on September 10 over suspected illegal peer-to-peer crypto trading. The businesses were believed to be unregistered crypto operations, rather than licensed UK exchanges, and teams issued cease-and-desist notices while gathering intelligence. The FCA published details on September 17. The enforcement action comes as the UK prepares a wider crypto regulatory overhaul: the FCA's new authorisation gateway is due to open at the end of September, while firms already face anti-money-laundering registration and financial-promotion requirements. The move indicates that enforcement and authorisation are advancing in parallel, with businesses operating outside the rules remaining targets while legitimate firms receive a clearer route into the incoming regime. The FCA's broader message is that the UK wants crypto businesses to operate like regulated financial firms.