UK National Crime Agency Seizes $33 Million in Cryptocurrency

The British National Crime Agency (NCA) has revealed that it has seized £26.894 cardinal ($32.75 million) successful cryptocurrency. “Criminals progressively exploited fiscal exertion and crypto assets” that could harm “the U.K.’s system and institutions,” said the agency.

NCA Seizes Crypto Worth $33 Million

The British National Crime Agency (NCA) published its yearly study 2021-22 this week. The NCA “leads the U.K.’s combat to chopped superior and organized crime, protecting the nationalist by targeting and pursuing those criminals who airs the top hazard to the U.K.,” its website states.

The study details that betwixt April 1, 2021, and March 31, 2022, the NCA seized spot worthy £59.79 million, stating:

Seized spot held by the NCA arsenic astatine 31 March 2022 consisted of £59.79m … successful cash, centrifugal vehicles and different valuables suspected of being derived from transgression activity.

The NCA besides revealed that £26.894 cardinal ($32.75 million) successful cryptocurrency was among the spot seized. In contrast, nary cryptocurrency was seized successful the twelvemonth 2020-21. The bureau did not specify which cryptocurrencies it seized.

The NCA besides noted successful the study that “Criminals progressively exploited fiscal exertion and crypto assets” that could harm “the U.K.’s system and institutions.”

Morgan Heavener, a spouse astatine consultancy Accuracy, commented: “The NCA has been forced to determination swiftly to effort and stem the usage of these cryptocurrencies successful fiscal crimes. The deficiency of regulatory oversight astir cryptocurrencies makes them charismatic for criminals seeking to determination funds astir the world.”

Other British regulators person besides seized cryptocurrencies implicit the years. In January, 12 U.K. constabulary forces announced that they seized cryptocurrency worthy astir £322 cardinal successful transgression investigations successful the past 5 years. In July past year, the British Metropolitan Police said it seized £180 cardinal successful cryptocurrency arsenic portion of a wealth laundering investigation.

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