Reddit Crypto Trade News Queconomics freepik

Reddit Crypto Trade News UK Confiscated Multiple Trillions of Crypto Assets

Queconomics – Reddit Crypto Trade investigation teams have published a news story that has taken the cryptocurrency world by storm. A few weeks ago, the UK managed to confiscate multiple trillion rupiahs of crypto assets. The UK police reported this news.

Suspected of being a money-laundering transaction, British Police seized a total of £294 million or Rp4.99 trillion of cryptocurrencies in the past month. Currently, his party is investigating organized criminal groups that have started turning to cryptocurrencies for transactions.

Reporting from the UK police department, the confiscation number became a record for withdrawing crypto money from money laundering. The details, as much as £180 million in crypto assets, were seized by the London Police on Tuesday (13/7).

Less than three weeks ago, the Police had also seized £114 million with money laundering investigations. Money laundering investigation activities by state officials have become a routine schedule of the UK police department.

Reddit Crypto Trade Investigation Teams Discover Several Money Laundering News

Reddit Crypto Trade News Queconomics

Police have been arrested a 40 years old lady on money laundering suspicion. The arrests were made after discovering the first pieces of evidence, and the perpetrator has been interviewed regarding the £180m discovery.

“Today’s seizure is a pivotal point in an investigation that will continue for the next several months. As we continue to pursue those suspected of being the masterminds of this money laundering act,” said Police Detective Joe Ryan.

The anonymous, easy, and global nature of cryptocurrencies has led some of the world’s largest criminal groups to use them as a money-laundering tool. The Bank of England (BoE) also views crypto assets as speculative products. They pose a threat to require special monitoring.

According to Reddit Crypto Trade investigation teams, BoE Governor Andrew Bailey warned that crypto-asset investors could lose their money. He said that crypto-assets have no intrinsic value.

Bailey believes that it changes quickly, so that they have to investigate it carefully. BoE Deputy Governor Jon Cunliffe stressed that cryptocurrencies need to be overseen as a highly speculative asset.

Cundiffe said that their teams were looked at any action which needed to be taken to protect retail investors. Previously, the UK financial regulator had ordered Binance to halt all its activities. It is including any transactions of cryptocurrency.

The Financial Conduct Authority of the UK bans all Cryptocurrency Transactions.

Bitcoin Trade News Queconomics freepik

One of the world’s largest and most happening crypto exchanges was asked to state that the platform is under global scrutiny. Reddit Crypto Trade investigation teams also point out some statements from the UK finance authority.

“(Binance) may not, without the prior written approval of the FCA, undertake any regulated activity with immediate effect,” the Financial Conduct Authority (FCA) notice said recently. Unfortunately, Binance did not confirm the request.

Although cryptocurrency trading is not directly regulated in the UK, offering services such as trading cryptocurrency derivatives requires authorization.

FCA has notified Binance that by June 30, the cryptocurrency exchange must display a notice stating “Binance Markets Limited Not Allowed to Conduct Any Activity in the UK” on its website and social media channels.

Not only that but Binance is also required to secure and maintain all records relating to UK crypto investors, including the Reddit crypto trade. In addition, the exchange also needs to inform the FCA that the regulator’s request has been made before July 2, 2021.

Meanwhile, the regulator has not explained why it is acting decisively against Binance. Before this happened, cryptocurrencies said they would take a policy very seriously and engage in collaboration.

The popularity of cryptocurrency in the UK has increased in recent times. In response to these conditions, the FCA has increased its oversight of cryptocurrency trading. Reddit Crypto Trade investigation teams are continuing to find further information.