• The UK National Crime Agency is recruiting law enforcement officers to investigate crypto crimes after $3 billion hacks in 2022. 
  • UK regulator, the Financial Conduct Authority identified crypto as the leading sector for scam alerts.
  • The UK regulator opened 432 cases looking into crypto-related scams between March 2021 and April 2022. 

The UK’s National Crime Agency is working on tackling the rising instances of crypto crime in the country. Between March 2021 and April 2022, the regulator opened multiple cases of crypto-related scams and started recruitment of enforcement officers to investigate these crimes as part of their “crypto cell.”

Also read: Ethereum based NFT founder admits to gambling away millions of dollars worth of user funds

UK National Crime Agency is ready to battle crypto scams and exploits

UK National Crime Agency, a national law enforcement agency in the United Kingdom is the lead agency against cybercrime and economic crime that goes across regional and international borders. The agency has decided to tackle rising instances of crypto scams and exploits and decided to recruit a group of law enforcement officers to investigate crypto crimes, after a year where crypto hacks globally hit $3 billion.

The new officers would join a “crypto cell” dedicated to proactive cryptocurrency remittance with tools and capabilities to target UK-based subjects.The government agency has posted a job advertisement looking for enforcement officers, as reported by Financial News. 

The law enforcement agency’s move to dedicate a unit to crypto crime was inspired by findings of the UK Financial Conduct Authority (FCA). The FCA is a financial regulatory body in the United Kingdom that operates independently from the UK Government, regulates over 50,000 financial services companies, and is financed by membership fees. 

The FCA noted that crypto was the leading sector for financial scams and exploits in the UK between March 2021 and April 2022. The regulator opened a total of 432 cases looking into crypto exploits during this time period. 

Ashley Alder, incoming Financial Conduct Authority chair, said that crypto companies were “deliberately evasive”, facilitated money laundering at scale, and created “massively untoward risk”. Andrew Bailey, Bank of England governor agrees with Alder’s stance and considers cryptocurrencies the new front line for criminal scams.  

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Cardano Price Forecast: ADA's recent breakout could trigger 15% rally

Cardano Price Forecast: ADA's recent breakout could trigger 15% rally

Cardano price rally on Monday suggests that a larger bullish move might be in the works. On-chain data shows a comeback in investor interest and entry of institutional investors.

More Cardano News

Ondo price poised to break ATH of $1.04

Ondo price poised to break ATH of $1.04

Ondo price is slowly testing its major support level at $0.63-$0.61. Aggressive buyers can consider accumulating around the immediate support zone, which extends from $0.83 to $0.80.

More Ondo News

Shiba Inu price flashes buy signal, 25% rally likely Premium

Shiba Inu price flashes buy signal, 25% rally likely

Shiba Inu price has flipped bullish to the tune of the crypto market and breached key hurdles, showing signs of a potential rally. Investors looking to accumulate SHIB have a good opportunity to do so before the meme coin shoots up.

More Shiba Inu News

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis