UK Freezes $7.7 Million in Crypto Under New Anti-Crime Powers

The UK government has taken a strong stance against illicit cryptocurrency transactions, freezing nearly $7.7 million in assets since April 2024 under new anti-crime powers granted to law enforcement agencies. These measures are enabling the National Crime Agency (NCA) and police to freeze, seize, and potentially destroy crypto linked to criminal activities. The largest freeze order involved a Coinbase wallet with approximately $1.94 million (£1.5 million). This wallet was frozen by the Newcastle Upon Tyne Magistrates’ Court on March 18th, following a request from His Majesty’s Revenue and Customs (HMRC) which indicated potential tax evasion links.