UK authorities have frozen approximately £6 million in cryptocurrency since April 2024, as part of a crackdown on financial crime.
New Measures Against Crypto Crime
Since April 2024, police, law enforcement agencies, and HMRC have the authority to freeze suspicious cryptocurrency wallets for up to three years. These measures target money laundering, tax evasion, and terrorism financing.
Court Cases and Frozen Assets
Court documents reveal that over the last six months, the largest singular freezing order was for £1.5 million worth of cryptocurrency held in a Coinbase wallet. This order was requested by HMRC and issued at Newcastle Upon Tyne Magistrates’ Court.
Experts Discuss Impact
Legal expert Nick Barnard described the £6 million figure as relatively modest, noting the new regime requires time to fully develop. However, lawyer Siobhain Egan pointed out the government's increased focus on freezing cryptocurrency assets as part of a strategy to tackle financial crimes. Egan highlighted that the freezing process prevents offenders from moving their funds before investigations are completed.
The UK is taking proactive steps to enhance its fight against crypto crimes, evidenced by the freezing of substantial cryptocurrency amounts and the enactment of new legislation.
