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$250 million worth of cryptocurrency seized in UK


$250 million value of cryptocurrency seized in UK | CryptoSlate

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Police seized crypto value lots of of hundreds of thousands of {dollars} within the biggest-ever transfer of its variety.

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$250 million worth of cryptocurrency seized in UK

$250 million value of cryptocurrency has been confiscated by UK police within the largest such transfer of its variety, the London Metropolitan Police announced early on Tuesday. It broke final month’s $180 million seizure report set by native authorities.

The seizures had been made by detectives from the Met’s Financial Crime Command on the again of intelligence obtained in regards to the switch of felony belongings. They kind a part of an ongoing investigation into worldwide cash laundering.

“The detectives on this case have labored tirelessly and meticulously to hint hundreds of thousands of kilos value of cryptocurrency suspected of being linked to criminality and now being laundered to cover the path,” mentioned Deputy Assistant Commissioner Graham McNulty in an announcement.

He added, “As digital platforms develop we’re more and more seeing organized criminals utilizing cryptocurrency to launder their soiled cash.”

Behind the cryptocurrency recreation

The accused is a 39-year-old girl who was earlier arrested on 24 June on suspicion of cash laundering offenses and later launched on bail. Nonetheless, she was interrogated earlier this week in reference to the $250 million illicit stashes of cryptocurrency.

As such, the transfer comes on the again of a wider crackdown on cryptocurrencies by UK authorities. Final week noticed the federal government put all crypto-related promoting and promotional messaging to a “red alert” category, whereas individually, UK bank Barclays banned all transactions to and from crypto alternate Binance earlier this month.

However that’s to not say the cops have modified their stance on cash laundering by way of money. “Money nonetheless stays king within the felony world,” McNulty mentioned, including that proceeds of crime had been laundered in “many alternative methods.”

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