UK Forms Crypto Crime Cell to Combat $3 Billion in Losses

• The National Crime Agency (NCA) of the United Kingdom is forming a team that will be responsible for handling issues pertaining to crypto crimes.
• This group of officials will primarily investigate unethical practices in the industry.
• The UK has experienced a total of $3 billion lost to crypto hacks and scams between March 2021 and April 2022.

The United Kingdom’s National Crime Agency (NCA) has announced the formation of a new team of officials dedicated to tackling crypto-related crimes. This team of investigators will be responsible for tackling unethical practices in the crypto industry, with an emphasis on proactive cryptocurrency remit.

The establishment of a crypto crime cell comes on the heels of reports that the UK has experienced an estimated $3 billion in losses due to crypto hacks and scams between March 2021 and April 2022. During this time period, a total of 432 scams were reported to the Financial Conduct Authority (FCA). The FCA investigation revealed that the crypto industry has been a major contributor to financial scams.

The team of investigators will be equipped with the appropriate tools and capabilities to target UK-based subjects. They will also be tasked with providing strategic and tactical advice on how to combat crypto-related crime. This includes strategies such as identifying and prosecuting criminals, preventing money laundering, and safeguarding customers.

The NCA hopes that by forming this team, they will be able to further protect investors in the crypto industry and reduce the number of financial scams. They also want to ensure that the industry remains compliant with the UK’s laws and regulations.

The crypto industry, while offering a variety of benefits, can be a breeding ground for financial frauds. It is important that the UK takes proactive steps to protect investors and ensure that all crypto-related activities are conducted ethically. The NCA’s new crypto crime cell will work to make sure that the UK’s crypto industry remains safe and secure.

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