The British National Crime Agency (NCA) has revealed that it has seized £26.894 million ($32.75 million) in cryptocurrency. “Criminals increasingly exploited financial technology and crypto assets” that would hurt “the U.K.’s economy and institutions,” stated the company.
NCA Seizes Crypto Worth $33 Million
The British National Crime Agency (NCA) printed its annual report 2021-22 this week. The NCA “leads the U.K.’s fight to cut serious and organized crime, protecting the public by targeting and pursuing those criminals who pose the greatest risk to the U.K.,” its web site states.
The report particulars that between April 1, 2021, and March 31, 2022, the NCA seized property value £59.79 million, stating:
Seized property held by the NCA as at 31 March 2022 consisted of £59.79m … in money, motor autos and different valuables suspected of being derived from felony exercise.
The NCA additionally revealed that £26.894 million ($32.75 million) in cryptocurrency was among the many property seized. In distinction, no cryptocurrency was seized in the yr 2020-21. The company didn’t specify which cryptocurrencies it seized.
The NCA additionally famous in the report that “Criminals increasingly exploited financial technology and crypto assets” that would hurt “the U.K.’s economy and institutions.”
Morgan Heavener, a associate at consultancy Accuracy, commented: “The NCA has been forced to move swiftly to try and stem the use of these cryptocurrencies in financial crimes. The lack of regulatory oversight around cryptocurrencies makes them attractive for criminals seeking to move funds around the world.”
Other British regulators have additionally seized cryptocurrencies through the years. In January, 12 U.Ok. police forces introduced that they seized cryptocurrency value roughly £322 million in felony investigations in the final 5 years. In July final yr, the British Metropolitan Police stated it seized £180 million in cryptocurrency as a part of a cash laundering investigation.
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