London’s Metropolitan Police force has formed a 40-member team dedicated to investigating cryptocurrency-related crimes. The move comes as authorities express concerns that digital currencies are increasingly being used in organized crime. Since its establishment in May, the team has responded to 74 intelligence referrals and initiated 19 criminal investigations. Cryptocurrencies are attractive to criminals because they allow for asset obfuscation and cross-border transactions. In the UK, reported cases of crypto fraud have surged by 41% in the past year, reaching £306 million. Detective Inspector Geoff Donoghue, who leads the crypto investigation team, emphasized that cryptocurrencies are now involved in various illegal activities, such as drug trafficking, weapons transactions, and exploitation. Israeli police have recently seized cryptocurrency accounts associated with donations for Hamas, showcasing the link between digital currencies and terrorism financing. UK criminal syndicates have also adopted cryptocurrencies for their illicit endeavors, such as converting cocaine into cryptocurrency and distributing fraudulent bitcoin gift cards. Despite fluctuations in the cryptocurrency market, these fluctuations have not affected criminal operations significantly. The regulatory landscape for cryptocurrency Trading in the UK is largely uncharted, and there are debates about how it should be regulated, with some suggesting it should be classified as a form of gambling. In the US, regulators have taken legal action against major industry players, and the ongoing trial of FTX founder Sam Bankman-Fried highlights the legal challenges the cryptocurrency sector faces..
#London #Police #Unleash #Specialized #40Member #Unit #Hunt #Crypto #Criminals
#London #Police #Unleash #Specialized #40Member #Unit #Hunt #Crypto #Criminals
