UK Authorities Freeze £6 Million in Crypto Assets
UK law enforcement has frozen around £6 million ($7.7 million) in cryptocurrency as new powers were introduced last year.These measures, effective from April 2024, enable police, HMRC, and othre agencies to freeze suspicious crypto wallets for up to three years.
The largest single freeze was for £1.5 million in crypto held on Coinbase. HMRC requested this order at Newcastle Upon Tyne Magistrates’ Court on March 18.Though, the total frozen amount might be higher, as data onyl covers the past six months.
These new powers aim to tackle the increasing use of digital currencies for illegal activities like money laundering and terrorism financing. Legal expert Nick Barnard views the £6 million as modest, noting the enforcement regime is still developing. Yet, lawyer Siobhain Egan sees it as part of a broader strategy to combat financial crimes.
The freezing process involves investigators applying for orders without alerting suspects, preventing them from moving assets. The UK government is enhancing crypto enforcement through the crime and Policing Bill, which includes provisions for valuing crypto and recovering illicit funds.
These actions show the UK’s commitment to regulating the crypto space and combating financial crimes effectively.
