The company repeatedly changed its official address, at one point listing a flat whose occupants had never heard of the firm. Filings at Companies House claimed assets of £42 million, a figure investigators said was far above what the company's actual banking activity suggested.

Fake customer testimonials went online without the permission of the people named in them. Investors were told not to use terms such as "crypto" or "investment" in their bank payment references.

The Financial Conduct Authority added Key Coin Assets to its list of unauthorized firms nearly two years before the court order. Anyone dealing with an unauthorized firm is not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme.

Fraud against individuals and businesses cost the U.K. economy £14.4 billion in 2023-24 and ranks as the country's largest crime type, according to the government's 2026-2029 Fraud Strategy, which commits more than £250 million to combating it.

The FCA has stepped up enforcement elsewhere in the sector. An April operation marked its first coordinated enforcement action against suspected illegal peer-to-peer crypto trading, with raids on eight premises and cease-and-desist letters.

Crypto firms conducting regulated crypto asset activities in the U.K. will eventually fall under the same FCA oversight as banks and brokers, under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026. The final framework covers exchanges, custodians, staking providers, and lenders. The effective date is Oct. 25, 2027, with firms able to apply for authorization from Sept. 30, 2026.

The Official Receiver has been appointed liquidator of Key Coin Assets following the court order.