The London police have established a 40-person professional team to hunt down cryptocurrency criminals and stated that cryptocurrency has penetrated into various illegal activities, including drug trafficking, weapons trading, and hacking. The team, which was formed in May 2023, has responded to 74 intelligence referrals and has 19 active cases. The police said that cryptocurrencies now play an “endemic role” in organised crime and pose a significant challenge to law enforcement.
UK cryptocurrency fraud cases surged by 41% in the past year
UK cryptocurrency fraud cases have surged by 41% in the past year, with the amount involved reaching 306 million pounds, according to a leading law firm RPC. The firm said that the increase was driven by the rising popularity and volatility of cryptocurrencies, which attracted both legitimate investors and scammers. The most common types of crypto fraud include phishing, fake exchanges, Ponzi schemes, and ransomware attacks.
Steps to regulate and monitor the crypto industry
The UK authorities have been taking steps to regulate and monitor the crypto industry, as well as to educate the public about the risks involved. In June 2023, the Financial Conduct Authority (FCA) banned Binance, one of the world’s largest crypto exchanges, from operating in the UK without a licence. The FCA also issued a warning to consumers that they should be prepared to lose all their money if they invest in crypto assets. In addition, the National Crime Agency (NCA) launched a campaign called “Cyber Choices” to raise awareness of the legal consequences of engaging in cybercrime using cryptocurrencies.