London Police Brought a Special Team to Fight Crypto Crime

The London Metropolitan Police has formed a dedicated 40-member team focused on crypto investigations, aiming to combat the growing use of cryptocurrencies in unlawful activities.

London Police has Crypto Criminals in Crosshairs

According to the report, this initiative comes in response to a 41% increase in UK crypto fraud cases, reaching £306 million over the past year, underscoring the urgency of addressing cryptocurrency-related crimes.

Team was Created in May

The specialized team, established in May, has promptly addressed 74 intelligence referrals, leading to the commencement of 19 active criminal investigations. This proactive stance illustrates the sense of urgency within law enforcement to tackle the growing prevalence of cryptocurrency-related crimes.

London Officers Warn Against Illicit Usage of Crypto

Detective Inspector Geoff Donoghue, who leads the Metropolitan Police’s crypto investigation team, highlighted how criminal organizations now view cryptocurrencies differently, marking a significant change in perspective. 

He observed that while digital currencies were once seen as a specialized channel, there is now mounting evidence indicating their widespread use in a range of illicit activities, encompassing drug trade, arms deals, human exploitation, and various other unlawful ventures. He said: “Drugs, guns, girls and workers… there has been growing evidence that there has been the emerging use of crypto within those fields as well.”

Illicit Usage of Crypto not Affected by Market Collapse

In the midst of the cryptocurrency market’s volatility, Detective Sergeant Mat Stanley of the Metropolitan Police’s cybercrime unit observes that these market swings have exerted limited influence on the activities of criminals.

Similarly, in an effort to establish a dedicated team for the investigation and prevention of cryptocurrency-related crimes, the United Kingdom’s National Crime Agency (NCA) has taken a significant step forward.

They unveiled their intention to recruit two blockchain investigators in July of this year. In August, the  NCA of the country reportedly expanded its investigative team dedicated to digital assets by enlisting the services of four specialized investigators. These experts joined the NCA’s Complex Financial Crime Unit with a specific focus on addressing crimes related to cryptocurrencies.