Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
UK National Crime Agency Seizes $33 Million in Cryptocurrency – Regulating Bitcoin News
The British National Crime Agency (NCA) has revealed that it has seized 26.894 million pounds ($32.75 million) in cryptocurrency. “Criminals were increasingly exploiting financial technology and crypto-assets” that could harm “the UK economy and institutions,” the agency said.
NCA seizes $33 million worth of crypto
The British National Crime Agency (NCA) published its 2021-22 annual report this week. The NCA “leads the UK’s fight to cut serious and organized crime, protecting the public by targeting and prosecuting the criminals who pose the greatest risk to the UK,” its website says.
The report details that between 1 April 2021 and 31 March 2022 the NCA seized property worth £59.79m, stating:
Seized property held by the NCA as at 31 March 2022 consisted of £59.79 million … in cash, motor vehicles and other valuables suspected to be derived from criminal activity.
The NCA also revealed that £26.894 million ($32.75 million) in cryptocurrency was among the assets seized. In contrast, no cryptocurrency was seized in the year 2020-21. The agency did not specify which cryptocurrencies it seized.
The NCA also noted in the report that “Criminals were increasingly exploiting financial technology and crypto-assets” that could harm “the UK’s economy and institutions.”
Morgan Heavener, a partner at consultancy Accuracy, commented: “The NCA has been forced to move quickly to try to stop the use of these cryptocurrencies in financial crime. The lack of regulatory oversight surrounding cryptocurrencies makes them attractive to criminals looking to move funds around the world.”
Other UK regulators have also seized cryptocurrencies over the years. In January, 12 UK police forces announced that they had seized approximately £322 million worth of cryptocurrency in criminal investigations over the past five years. Last July, the British Metropolitan Police said they seized £180 million in cryptocurrency as part of a money laundering investigation.
What do you think about the NCA seizing cryptocurrency? Let us know in the comments section below.
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