The UK Police Seized $435 Million In Illicit Bitcoin: Report

The UK police seized $435 million in illicit Bitcoin as a result of criminal investigations over the past five years as we can see more today in our latest Bitcoin news.

Bitcoin made up the main share of the crypto seized by UK police forces in the past five years according to the Freedom of Information requests. The UK Police seized $435 million worth of Bitcoin and other cryptocurrencies as a result of a criminal investigation in the past five years. According to the Freedom of Information requests made by the New Scientist, 12 of the UK’s 48 police forces seized crypto worth £322 million and in comparison, 15 forces failed to respond or declined to provide more information.

Over 99.9% of the crypto seized was BTC with the remainder made up of ETH as well as some other coins like Zcash, Dash, and Monero. The London Metropolitan Police made the biggest share of the seizures with $398 million and the FOI even revealed that the Greater Manchester Police seized $34 million. The detective chief Inspector Joseph Harrop told that the UK police forces are only getting their heads around the technology of crypto as his own force was recruiting civilian staff with relevant experience to train the detectives. Forces are facing huge legal issues when seizing crypto since it is now classified as property and not cash. While cash can be seized if there’s a suspicion it forms a proceeding of criminal activity, forces require a conviction to seize the non-cash property but the act is being updated to close this loophole.

Until then, Gary Cathcart as the National Crime Agency’s head of financial investigations said that they are in the same situation with crypto that they were in 20 years ago. The UK regulators also grew concerned about the criminal use of crypto. The NCA released a report stating that the US of crypto assets to launder money increased across different crime types. The FCA invested tons of money in external consultants to train staff on money laundering and terrorist financing in the crypto industry.

In 2021, the Metropolitan Police made two record-breaking seizures of crypto worth more than $300 million. In November of 2021, the British administrator of the Silk Road darknet marketplace forfeited about half a million pounds to the UK’s NCA. The regulators responded with tougher requirements on crypto companies as the UK FCA announced that crypto businesses have to file annual financial crime reports. Banks clamped down on crypto use due to the concerns around money laundering with Barclays, NatWest, and Santander blocking crypto exchanges, stopping transactions, or increasing scrutiny of transfers to and from crypto companies.