UK SFO Launches First Crypto Fraud Probe, Targeting Basis Markets

The UK Serious Fraud Office (SFO) has initiated its first investigation into cryptocurrency fraud, focusing on Basis Markets, a platform accused of raising $28 million through questionable fundraising tactics. Two individuals have been arrested in connection with the probe, which aims to uncover potential fraudulent activity during these fundraising efforts. The SFO’s actions signal a heightened focus on tackling crypto scams and their impact on investor trust. This investigation could influence regulatory approaches and investment practices in the digital asset sector.