UK Creates Crypto Crime Cell to Tackle Unethical Practices in Crypto Industry

• The UK National Crime Agency is creating a crypto crime cell dedicated to investigating unethical practices in the crypto industry.
• This comes after the UK experienced a total of $3 billion lost to crypto hacks and scams in the period between March 2021 and April 2022.
• 432 scams were investigated and reported by the Financial Conduct Authority.

The UK is taking steps to further regulate the crypto industry and prevent further financial scams from occurring. The National Crime Agency of the United Kingdom has recently announced the establishment of a crypto crime cell to tackle the issue of unethical practices in the crypto industry. The job advertisement for the position of cryptocurrency investigator stated that the cell will be “dedicated to a proactive cryptocurrency remit with the right tools and capabilities to target UK-based subjects.”

This is not the first time that the UK has experienced a significant financial loss due to crypto hacks and scams. The Financial Conduct Authority reported that between March 2021 and April 2022, a total of $3 billion was lost to crypto scams. A total of 432 scams were investigated and reported within this short period of time. The FCA has also found that the crypto industry has become a major contributing factor to financial scams.

The establishment of a crypto crime cell is a necessary step to ensure that the UK’s financial market is protected from unethical practices in the industry. The team of officials who will be selected for this position of cryptocurrency investigator will need to provide strategic and tactical advice on how to tackle these issues. They will need to have the right skills and expertise to be able to identify and analyze financial crime activities and ensure that such activities are brought to justice.

The UK government has also recently announced plans for a new regulatory framework for the crypto industry. This means that crypto companies will need to register with the FCA, which will enable the FCA to monitor the activities of these companies and ensure that they are adhering to the regulations. The new regulations will also require companies to take measures to prevent money laundering and other illegal activities.

The UK is taking a proactive stance in ensuring that the crypto industry is regulated and that financial scams are prevented. The establishment of a crypto crime cell is a necessary step in this direction. With the right tools and capabilities in place, the UK is well on its way to a safer and more secure financial market.