UK authorities crack down on illicit crypto with $7.7M in freezes

Experts expect a surge in crypto freeze orders as the UK intensifies efforts to combat criminal use of digital assets.

UK authorities froze $7.7 million worth of illicit crypto in one year, focusing on funds tied to criminal activities such as money laundering.

UK authorities have frozen nearly $7.7 million worth of illicit cryptocurrency assets in just one year, according to recent reports. The largest freeze, amounting to $2 million, targeted a wallet hosted on Coinbase.

The National Crime Agency (NCA) and police have been granted special powers to freeze, seize, and destroy cryptocurrencies connected to criminal organisations. The powers allow law enforcement to freeze crypto wallets for up to three years.

Despite the $7.7 million being small compared to global crypto transactions, experts believe UK authorities are making significant progress. The government devotes more resources to combating money laundering and terrorism financing.

However, challenges persist, as many suspects are foreign nationals. Additionally, criminals often use private wallets to hide illicit funds.

For more information on these topics, visit diplomacy.edu.