According to ChainCatcher, the latest report from the UK National Crime Agency (NCA) shows that the amount of illegal cryptocurrency transactions related to the UK is as high as $5.1 billion each year. The frequency of cryptocurrency crimes has increased, especially money laundering activities, and this trend is expected to continue.
The NCA said cryptocurrencies remain an important tool in money laundering, dark web transactions and extortion, and their legitimate use also provides opportunities for crime. Between $1.7 billion and $5.1 billion of illegal crypto transactions are linked to the UK each year, with a "significant portion" involving corrupt elites overseas.
In 2023, the NCA established a dedicated cryptocurrency unit and was granted greater seizure powers in April 2024, including the ability to seize crypto assets without arresting a suspect. The report also describes the NCA’s role in the crackdown on the LockBit cybercrime gang, which collected more than $120 million in ransoms from more than 2,000 victims worldwide.
