UK Authorities Freeze $7.7 Million in Crypto from Criminal Proceeds

Police and other authorities in the United Kingdom have frozen approximately £6 million ($7.76 million) worth of cryptocurrency linked to criminal proceeds since 2024. The largest single freeze order was applied to crypto worth £1.5 million ($1.94 million) held in a wallet on Coinbase.

New Powers Allow Crypto Wallets to Be Frozen for Up to Three Years

According to MailOnline‘s investigation, courts have used the powers granted by new regulations introduced last year to freeze these assets. Operations initiated in April 2024 have seen UK police, government officials, and the tax authority (HMRC) launch a comprehensive crackdown on criminal digital assets. In this process, crypto wallets deemed suspicious have been frozen by court orders.

Legal documents reveal that suspected crypto wallets can be frozen for up to three years. On March 18, HMRC obtained the largest freeze order to date at Newcastle Upon Tyne Magistrates’ Court.

UK Tightens Measures Against Crypto Crimes

The UK government is allocating more resources to combat crypto crimes, adopting a more aggressive approach to money laundering. Legal expert Siobhain Egan notes that authorities are expected to issue more crypto freeze orders in the future.

Last week, the government unveiled the Crime and Policing Bill. This new legislation aims to facilitate the rapid seizure of illicit crypto assets. Additionally, in December 2024, the UK Financial Conduct Authority (FCA) proposed stricter regulations to reduce risks in the sector.

Crypto law expert Nick Barnard stated that while the amount frozen so far is small on a global scale, the UK is expected to accelerate its crypto regulation efforts. HMRC and the National Crime Agency (NCA) are focusing on digital assets linked to tax evasion and organized crime.

Authorities emphasize that stricter measures against crypto crimes are expected, with large-scale operations likely to increase.

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