United

The United Kingdom’s National Crime Agency (NCA) is advancing its fight against cryptocurrency scams by creating a dedicated team to investigate these crimes. With the rising tide of fraud in the virtual asset space, the NCA has called for forming a group of six experts to delve into crypto-related offenses.
This team, poised to join the National Cyber Crime Unit (NCCU) or the Digital Asset Team, will undertake a proactive approach to uncovering and pursuing criminal activities within the cryptocurrency domain. Members are expected to bring a wealth of expertise, including skills in blockchain forensics and analysis of complex financial data.
Moreover, the NCA’s initiative is a component of the UK’s broader efforts to balance the growth of the digital currency sector with robust protections for investors. Throughout 2023, the agency has issued multiple recruitment notices to strengthen its capacity to combat these digital financial crimes.
Additionally, back in July, the announcement of hiring two blockchain investigators was a significant move for the NCA’s Complex Financial Crime Team (CFCT), further bolstering its resources to tackle the increasing threats within the cryptocurrency space.
In alignment with the UK’s regulatory vision, major industry players like Coinbase are also strengthening their commitment to the region. Recognizing the UK as a rapidly expanding market, Coinbase reaffirmed its dedication to Europe, particularly in the wake of the Markets in Crypto Assets (MiCA) regulation introduction.
Significantly, the UK has seen a surge in regulatory action prompted by notable insolvencies in the previous year. The Financial Services and Markets bill, enacted earlier this year, has laid the groundwork for more stringent oversight of the crypto market. This legislation empowers regulators to sculpt a specialized framework for the digital asset industry, encouraging secure crypto adoption across the nation.
Under the new law, crypto exchanges must now issue straightforward risk warnings to clients. These advisories mandate clarity, fairness, and non-deceptiveness. Furthermore, a 24-hour cooling-off period for newcomers to the crypto market is now obligatory.
Hence, the Financial Conduct Authority (FCA) has been vigilant. Last week, it broadcasted over 200 alerts targeting firms suspected of crypto asset promotions that fall outside legal boundaries since these stricter regulations came into force.
Establishing the specialized cryptocurrency team by the NCA marks a decisive step in the UK’s commitment to ensuring a safer investment environment for crypto users and serves as a testament to the country’s ongoing resolve to foster a secure and regulated digital economy.

UK National Crime Agency to set up a unit to combat crypto fraud

Cryptopolitan_News

Other articles published on Nov 2, 2023

Former BitMEX CEO Hayes Believes It’s Time for Bitcoin to Rise!

Axie Infinity Developer Announces Partnership with Act Games to Expand Japanese Video Game

UK regulator to expand crypto crimes investigation unit

ProShares Launches Short Ethereum Futures ETF: Details on SETH ETF!

Europe’s Largest Bitcoin Mining Company Signs Credit Agreement with Tether!

Is Altcoin Season Here Yet? What Glassnode Suggests

Join our free newsletter for daily crypto updates!