LONDON (CU)_Over the recent months, many governments across the globe have begun clamping down on the cryptocurrencies as regulators attempt to get a better understanding of the booming industry. For instance, China has already ordered digital currency miners in a number of regions to cease operations, while the Financial Services Agency of Japan has warned Binance, world’s largest crypto exchange, regarding its operations in the country without regulatory permission. Authorities in New Zealand have also launched an inquiry into these digital assets with the aim of looking into risks to users, the monetary system, as well as the environment.
One of the main concerns raise by regulators in this regard is the anonymity linked to these digital assets, along with their convenience and international availability, features which attract some of the world’s biggest criminal groups. The merits of these claims were recently proven to be more than reasonable, as British police seized a record hauls of cryptocurrency worth £294 million ($408 million), after an investigation led them to organised crime groups which moved into digital currencies to wash their dirty money.
According to a statement issued by the London police on Tuesday (13 July), authorities made a £180 million haul of cryptocurrency as part of a money laundering investigation. Just three weeks prior to the incident, they had sized undisclosed digital currencies worth £114 million, following which, a 39-year-old woman was arrested on suspicion of money laundering. She has already been interviewed regarding both discoveries.
“While cash still remains king in the criminal word, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money,” Metropolitan Police Deputy Assistant Commissioner Graham McNulty said.
Celebrating the discovery is another significant landmark in the department’s investigation, Detective Constable Joe Ryan noted that officials continue their efforts to hone in on those at the centre of this suspected money laundering operation.
