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British Authorities SEIZE £294,000,000 Of Cryptocurrency

This seems to be happening more often doesn’t it?

Sources claim that British authorities have seized £294,000,000 worth of cryptocurrency. The seizure was made as a part of a larger operation aimed at tackling money laundering.

I can’t stress this enough, but use a cold wallet when stashing away any crypto. What happened here in The U.K. is a perfect example of exactly why non-custodial wallets are the way to go.

Seizures often seems to be an issue for crypto contained in custodial wallets, and digital assets just left out in the open.

Monero is also another resource for those looking to transact crypto without fear of government seizure, charges, or meddling.

Take a look:

CNBC writes:

British detectives have seized a record-breaking haul of cryptocurrency worth almost £180 million ($249 million) in London.

The Metropolitan Police — the force that oversees the Greater London region — said Tuesday it was the largest amount of cryptocurrency ever seized by police in the U.K., adding it was also believed to be one of the largest ever seizures of cryptocurrency globally.

The cryptocurrency was discovered on Saturday after the Met’s Economic Crime Command received intelligence relating to the transfer of criminal assets.

In late June, the Met confiscated £114 million worth of cryptocurrency, which at the time set a record for a cryptocurrency seizure in Britain.

Bein Crypto added:

Meanwhile, the money laundering investigation is playing on in the midst of a wider crackdown on cryptocurrencies in Britain. Last week, UK’s Advertising Standards Authority (ASA) started cracking down on misleading marketing for crypto investments. It will seek out and take down any misleading or irresponsible crypto advertisements, particularly for online and on social media platforms.

The ASA isn’t typically the regulatory agency you think would be dealing with cryptocurrencies. But the advertising industry’s self-regulatory body has been thrust to the front lines of supervising cryptocurrency advertisements. This is because most crypto investments fall outside the scope of the UK’s strict rules for promoting traditional financial products. This is usually done by the Financial Conduct Authority (FCA).

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