UK’s FCA to Hire Bitcoin Experts to Tackle Rising Money Laundering Cases

The United Kingdom (UK) financial watchdog, the Financial Conduct Authority (FCA), is looking to hire Bitcoin (BTC) experts to train its staff to combat money laundering and terrorist financing related to cryptocurrencies, according to a report by The Telegraph.

FCA will be spending £500,000 (~$671,000) to hire these crypto experts that will have access to a blockchain analytics platform that will help its staff spot illicit transactions, according to the report.

The BTC experts will enable FCA to restrategize its approach in monitoring crypto transactions due to fear of unending crypto-related criminal activities.

Increasing Crypto-Related Scams in the UK

Crypto fraud in the UK continues to rise, making unsuspecting investors fall victim and lose huge amounts of money to such acts.

The country’s financial watchdog has been making serious moves to protect investors from criminals who use these digital assets in carrying out fraudulent activities.

Investors in the country lost more than £146 million (~$200 million) to crypto scams over the last nine months.

As per the report, the amount of crypto-related scams saw a 30% increase in the amount of money lost to crypto scams this year compared to the one of 2021 with most investors ranging between age 18 to 45.

UK’s police also confirmed that complaints relating to fake endorsements and proposals are crypto-related.

Crypto-related scams across the country have seen an increase since the beginning of 2021 with 7,118 cases reported to the UK’s national reporting centre for fraud and cybercrimes.

Meanwhile, in June, the UK’s police service announced that it has seized about £180 million ($249 million) worth of cryptocurrencies from a money-laundering operation.

U.S. and Israel Partners To Tackle Criminal Activities

With the increasing numbers of crypto-related criminal activities, several other countries have also been taking necessary measures in tackling this act.

Coinfomania reported last week that the United States entered a partnership with the state of Israel to tackle crypto-related criminal activities.

To combat these unending criminal activities, the U.S. Department of the Treasury will be working together with the Israeli Ministry of Finance.