Cryptocurrency-related crimes are leading the way in money fraud

According to the UK’s Financial Conduct Authority (FCA), cryptocurrency fraud has ranked first in terms of the number of complaints from affected investors. Between April 1, 2021, and March 31, 2022, the FCA received 8568 complaints of cryptocurrency-related fraud.

Over the year, the number of reports of cryptocurrency crimes in the UK increased by 36%, but the total number of fraud cases may be much higher, as not all users report losses.

«We set high standards and respond quickly to reports of problems. This is to ensure market confidence and user safety, and we are committed to maintaining the integrity and growth of the UK financial sector,» said Sarah Pritchard, FCA Executive Director of Markets.

At the end of September, we reported that the UK government plans to expand the powers of the authorities to combat cryptocurrency crimes. Officials decided to simplify the procedure for seizing and freezing digital assets.

British lawmakers have submitted a bill to the parliament to eliminate «privacy concerns» and empower law enforcement agencies to «force businesses to hand over information that may be related to money laundering or terrorist financing using crypto assets.» When investigating economic crimes, law enforcement agencies will be free from bureaucratic red tape regarding confidentiality.