UK’s National Crime Agency Assembles Crypto Squad

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The UK’s National Crime Agency has decided to set up a specialist team to proactively investigate cryptocurrency-related crimes.

The National Cybercrime Unit (NCCU) Crypto Cell will initially comprise five officers and will support existing and new investigations that will benefit from the experience of a cryptocurrency specialist. Additionally, according to decrypt.co citing a recent employment file, members of this team will need to take a proactive stance when it comes to identifying potential targets for further investigation.

Candidates will need to have a background in blockchain forensic investigation, and they can apply for the position until January 10, 2023.

Representatives of the National Crime Agency quoted by the same source pointed out that the crime prevention body has been involved in stopping crypto crime for some time now, but the formation of this new team will signal an increased focus on monitoring of crypto assets.

UK steps up crypto investigations

The UK seems determined to prevent the use of cryptocurrencies to finance illicit activities. To this end, the UK Parliament has introduced the Economic Crime and Corporate Transparency Bill, which has made it easier for police forces to investigate and act against organized criminals who rely on cryptography. .

A report from the National Crime Agency shows how they managed to seize almost £27 million worth of crypto assets in the financial year 2021-2022. The report also highlights that, in the case of money laundering, criminals have increasingly exploited financial technology and crypto assets, and adapted to travel restrictions related to COVID-19.

US Federal Agencies Warned Banks About Crypto Risks

In January 2023, the Federal Reserve, FDIC and OCC released a joint statement in which they warned banks about the risks associated with crypto-assets.

The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued the statement in question on January 3, 2023, and addressed various issues identified in the crypto industry in 2022.

The agencies pointed out that there are several risks that cannot be managed in the crypto asset industry and that these risks should not be found in the traditional banking system. Some of the risks they identified include fraud, volatility and contagion.

According to cointelegraph.com, based on the agencies’ experience so far, they have concluded that issuing or holding as primary crypto assets issued, stored, or transferred on an open, public, or decentralized network is likely to be incompatible with a secure bank. practices.

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