The UK’s Serious Fraud Office (SFO) is probing the collapse of Basis Markets, a crypto fund accused of defrauding investors out of $28 million. The SFO made two arrests on November 21, 2025, as part of its ongoing investigation into the failed project. Basis Markets raised funds through public offerings in 2021, promising profits based on blockchain arbitrage techniques, before its value plummeted by 2022.
Two men have been detained in raids across London and West Yorkshire, accused of fraud and money laundering related to the fund’s activities. This arrest marks a significant step in tackling cryptocurrency fraud in the UK, as authorities move to hold those responsible accountable for their actions.
The SFO emphasizes its commitment to tackling crypto fraud, emphasizing the importance of holding perpetrators accountable while also encouraging victims to come forward with any information.
Basis Markets’ collapse left investors without refunds or explanation of where their funds went. The SFO is actively investigating potential misconduct related to the fund’s operations and seeks to help victims find closure.