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UK’s Government Agencies Warn about Increase in Crypto Fraud

5 April 2021, 15:21
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Representatives of two UK legal bodies warned about the growing tendency of crypto-related crimes. The concerns of the Crown Prosecution Service (CPS) and Financial Conduct Authority (FCA) are confirmed with the 2020 surveys and results noted in 2021. Login Casino continues following the most interesting news in cryptocurrencies and presents the latest reaction of British authorities.

UK’s Government Agencies Warn about Increase in Crypto Fraud

While the world holds its breath concerning the new highs top crypto assets are hitting in the last half of the year, British officials call to dive into the unstable area carefully. Thus, Action Fraud's report informs about a 57% increase in cryptocurrencies in 2020, achieving more than 5500 cases. Moreover, January 2021 has solely finished with 720 confirmed fraud cases, which is twice the bigger number than a year ago. Other surveys confirm more than £260M of suspicious activity with multimillion incomes for law offenders.

British government bodies raise caution

Those figures have become a reliable basis for UK's officials to warn the public about the danger of cryptocurrencies, which are often regarded as the fast-return investing option. While the recent amount of charging cases in the digital assets world is comparatively low, the CPS representatives predict the splash in the near future. The agency is reviewing suspicious financial cases and transactions and decides whether and which of the involved sides should be punished.

Another UK authority involved in the financial transactions, FCA, pays attention to the splash noted in the latest months. It has warned investors that they want to raise big money in the short term and reminded them about the risks of losing all the money. That is especially true for those who want to increase their stack with unknown tokens, which has become the reason for more than £110M losses in 2020.

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Read moreAvoid or bet: forecast for major Bitcoin-related tokens

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