UK Authorities Have Frozen $7.7M in Crypto from Ill-Gotten Profits Since Last Year: Report
UK police and other authorities have frozen about £6 million ($7.76 million) in crypto obtained from ill-gotten gains since 2024. Per an investigation by MailOnline, these cryptos have been frozen by the court since the new enforcement powers last year. The UK police, ministers, law enforcement, and the HMRC launched a crackdown on the ‘emerging threat’ last April. This led to the freeze of suspicious crypto wallets.
Largest Single Freezing Order of $1.94M Worth Crypto
Per the new enforcement rules, suspicious crypto wallets can be frozen for a period of up to three years. Further, court documents revealed that in the last six months, the largest single freezing order was for £1.5 million ($1.94 million) worth of cryptos held in a Coinbase-hosted single wallet.
The UK HMRC filed the order on March 18 at the Newcastle Upon Tyne Magistrates’ Court. According to crypto legal expert Nick Barnard, partner at Corker Binning, the figures are not that big “in the grand scheme.” He added that last April, the new regime came from a “standing start” and it would require time to “get up to speed.”
UK Authorities Ramp Up Work to Curb Crypto Criminal Activities
The UK government has been directing more resources into freezing crypto. It is “aggressively” combating money laundering, lawyer Siobhain Egan, director of Lewis Nedas Law, told MailOnline. “We are fully expecting for a tsunami of crypto freezing orders down the track,” the lawyer added. “If [police] have a major investigation into organised criminals laundering money through crypto, they will go in and seize the assets before they finalise the investigation.”
Last week, the UK proposed the Crime and Policing Bill, a legislative proposal designed to strengthen law enforcement’s ability to confiscate illicit crypto proceeds. Further, the country has been tightening its oversight of digital assets over the past year. The Financial Conduct Authority (FCA) proposed stricter crypto regulations in December 2024, to mitigate risks within the sector. Lawyer Egan noted that the UK authorities took “a little while to catch up” in the fast-moving area. “HMRC is very keen on it for tackling tax evasion and are getting their act together pretty well,” she added. “The National Crime Agency (NCA) has also been very aggressive.”