London police establishes a team to fight against crypto crimes
Reportedly the police department in England established a crypto-dedicated team to fight against crypto crimes.
England is a country that is part of the United Kingdom (UK). The UK has been a hotspot for the crypto industry. Under the jurisdiction of the UK, all crypto companies are required to get regulatory approval from the Financial Conduct Authority (FCA), a top financial regulatory body in the UK that regulates the financial industry, protecting consumers, and pushing healthy rivalries between financial service providers.
On 23 Oct 2023, CryptoPotato reported that the London police established a new team to fight against the surging crypto crimes in England.
As per the report, this new team is fully focused on fighting against crypto-linked illegal activities. This newly established team includes 40 persons who are experienced in their professional field.
According to government records, crypto-related illegal activities are increasing rapidly and almost every type of bad actor is using cryptocurrencies to conduct illegal activities e.g. drug trafficking, weapons trading, etc.
Over the past year, the crypto crime rate surged by 41% in the UK, and in this year criminal activities used nearly 306 million pounds worth of cryptocurrencies.
Problem with private cryptocurrencies
No doubt that cryptocurrencies are a better way of payment system and this technology can be used to bring modernization to traditional digital financial services but there are some problems associated with some particular cryptocurrencies that can’t be ignored.
One of the top problems associated with the Cryptocurrency sector is the surging adoption of private cryptocurrencies. Unlike Bitcoin, & Ethereum, private cryptocurrencies remain untraceable.
Over the past few years, the adoption of private cryptocurrencies among the bad actors surged rapidly and this is a very big problem for the enforcement agencies to catch the bad actors behind the suspicious crypto transactions linked with private cryptocurrencies.
Read also: Bitcoin helps police to save a girl from darknet killer
