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Crypto Fraud Cases Surge 41% to £306 Million in the UK, Prompting Specialized Police Team

CryptoCrypto Fraud Cases Surge 41% to £306 Million in the UK, Prompting Specialized Police Team

Crypto fraud cases in the UK have surged by 41% to £306 million over the past year, prompting law enforcement to step up efforts to combat cryptocurrency-related crimes. The London Metropolitan Police has established a specialized team of 40 members to investigate crypto-related offenses. Authorities are increasingly concerned that digital currencies are playing an “endemic role” in organized crime. Criminal networks are drawn to cryptocurrencies for their ability to hide assets and facilitate cross-border transactions. The rise in crypto-enabled criminal activities, including drug trafficking, weapons transactions, and human exploitation, has prompted a swift response from law enforcement. In addition, recent efforts to regulate the cryptocurrency market in the UK have sparked debate among policymakers, with some suggesting it should be treated as a form of gambling due to its online betting-like nature.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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