The government of the United Kingdom (UK) has declared that it will be taking action against criminals who use cryptocurrency to raise and conceal money, including drug dealers, terrorists, and fraudsters.
According to the UK government, over £1 billion illicit transactions occur via cryptocurrency annually.
In a recent post on its X official page, the UK Home Office revealed that law enforcement agencies have been given the permission to go after those involved.
“Over £1 billion in illegal crypto transactions take place in the UK each year,” the UK Home Office said. “Drug dealers, fraudsters and terrorists use crypto to hide and raise money.
“We’re giving law enforcement new powers to seize, freeze and destroy crypto assets,” it added.
The move by the UK follows the discovery of significant participants’ involvement in illicit activities.
Sam Bankman-Fried, the creator of FTX, was given a 25-year prison term in the US towards the end of March.
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