The squad commenced operations in May and has since undertaken 74 intelligence referrals that spawned 19 active criminal probes.
London, UK - The Metropolitan Police Service has formed a new 40-member unit dedicated to investigating cryptocurrency crimes, underscoring law enforcement's mounting urgency to address the pervasive role digital currencies now play in enabling illegal activities.
The squad commenced operations in May and has since undertaken 74 intelligence referrals that spawned 19 active criminal probes.
The unit's accelerated deployment follows reported surges in cryptocurrency-linked offenses, with UK crypto fraud cases jumping 41% to £306 million over the past year alone as per data from law firm RPC.
“Drugs, guns, girls and workers . . . there has been growing evidence that there has been the emerging use of crypto within those fields as well.” Detective Inspector Geoff Donoghue of the Met’s crypto investigation team told the Financial Times.
He further stated that cryptocurrencies, once considered a niche among criminal elements, have become deeply embedded in illicit activities.
The launch of the dedicated crypto unit aligns with increasing regulatory scrutiny of the cryptocurrency sector. The UK government announced plans in February to regulate digital assets akin to traditional financial products like stocks and bonds.
While price volatility has minimally deterred criminal adoption, law enforcement officials underscore the imperative to stay ahead of technological innovations that allow unlawful activities to thrive. The formation of the squad represents a coordinated strategy to target the growing crypto dimension of organized crime.
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