UK Creates Crypto Crime Cell to Tackle Unethical Practices

• The United Kingdom’s National Crime Agency (NCA) is forming a team of officials to investigate unethical practices in the crypto industry.
• Following $3 billion lost to crypto hacks and scams, the UK is taking a proactive approach to cryptocurrency remit.
• The team of investigators will be tasked with providing strategic and tactical advice on how to tackle crypto crimes.

The United Kingdom’s National Crime Agency (NCA) is taking a proactive stance against the growing problem of cryptocurrency-related crime. In response to the $3 billion lost to crypto hacks and scams, the agency is creating a team of investigators whose sole purpose is to tackle the unethical practices occurring in this industry.

The job advertisement for this position, which was posted on the government website, mentioned the need for a “crypto cell” with the right tools and capabilities to target UK-based subjects. The team of investigators is expected to provide strategic and tactical advice on how to effectively combat crypto crimes. This comes after the Financial Conduct Authority (FCA) completed a thorough investigation into the sector, with 432 scams reported between March 2021 and April 2022.

The NCA’s crypto crime cell will play an important role in the effort to protect the UK’s financial market. It will be responsible for identifying and addressing any potential threats to the industry and ensure that no one is exploiting the system for their own gain. The team of investigators will be tasked with using the latest technology to trace and detect fraudulent activities.

In addition, the investigators will be in charge of educating and informing members of the public about the risks associated with investing in cryptocurrencies. They will also provide support and guidance to victims of crypto crimes, helping them to receive just compensation for their losses.

The establishment of the NCA’s crypto crime cell shows the government’s commitment to fighting financial crimes in the industry. It is hoped that the team of investigators will be able to protect the UK’s financial market from any potential threats and help to restore trust in the crypto sector.