The U.K. government has tightened regulations on cryptocurrencies due to their increasing use in money laundering and terrorism financing. The largest frozen crypto wallet, holding $1.94 million (£1.5 million) in tokens, was on Coinbase and was frozen by the Newcastle Upon Tyne Magistrates’ Court on March 18 at the request of HMRC. The owner of the wallet remains unknown, but the case is suspected to be related to tax evasion. Law enforcement in the U.K. now has enhanced powers to freeze, seize, and destroy crypto assets linked to criminal activities, with the ability to freeze wallets for up to three years and seize funds if they are believed to be from illicit sources or intended for criminal use. The U.S. Department of Justice recently seized around $201,400 in cryptocurrency allegedly used to fund Hamas activities, highlighting the ongoing efforts to combat crypto-related crime.
U.K. Freezes $7.7 Million in Illicit Crypto Assets to Combat Crime
2025-03-31 19:02:56 Primitive Reading
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