London Metropolitan Police Establish 40-Member Team to Combat Crypto Crimes

According to CryptoPotato, London's Metropolitan Police have formed a 40-member team specializing in crypto investigations to counter the increasing use of cryptocurrencies in criminal activities. Authorities are concerned about the 'endemic role' digital currencies play in organized crime. Since its inception in May, the specialized squad has responded to 74 intelligence referrals, leading to 19 active criminal investigations. Cryptocurrencies, particularly Bitcoin, are favored by criminal networks for their ability to obscure assets and facilitate seamless cross-border transactions.A recent report from law firm RPC revealed a 41% increase in reported UK crypto fraud cases over the past year, totaling £306 million. Detective Inspector Geoff Donoghue, who leads the Met's crypto investigation team, highlighted the growing evidence that digital currencies are now involved in various illegal activities, including drug trafficking, weapons transactions, and human exploitation. The regulatory landscape for cryptocurrency trading in the UK remains largely uncharted, with the government announcing plans in February to regulate crypto in alignment with traditional financial assets like stocks and bonds. This has sparked debate among MPs, with some advocating for classifying crypto trading as a form of gambling.