Record another cryptocurrency confiscation in the UK for money laundering

Cryptocurrencies like Bitcoin are regularly criticized by regulators for their illegal uses due to the anonymity they allow, as well as their ease of use.

London police announced, on Tuesday, the largest seizure of cryptocurrency in the United Kingdom, carried out as part of a money-laundering investigation, with a value of nearly $250 million, surpassing the previous record set just a few weeks ago.

Clients seized cryptocurrencies valued at around £180m ($250m, €210m), describing it as “one of the largest seizures in the world”.

Bypass the Nuba Record £114m by London Metropolitan Police in June It is part of an ongoing investigation into international money laundering, Scotland Yard has tightened without specifying which currencies they are.

A 39-year-old woman was arrested on June 24 on suspicion of money laundering and then released on bail. She was then questioned about the discovery of nearly £180 million worth of virtual currency on July 10.

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“Less than a month ago, we were able to seize 114 million pounds of cryptocurrency. Since then, our investigation has been complex and far-reaching (…) Today’s seizure is another important step in this investigation that will continue for the next several months as we search for people at the center of this alleged money laundering operation.” Joe Ryan explained in a statement.

Cryptocurrencies like Bitcoin are regularly criticized by regulators for their illegal uses due to the anonymity they allow, as well as their ease of use.

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According to a Chainalysis report published in February, transactions in virtual currencies for illegal purposes amounted to $10 billion in 2020, which is 1% of all cryptocurrency activity over the past year and half the amount of the previous year, when such activity occurred. It reached a record $21.4 billion.

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