It has been revealed that London is making -pretty big moves in order to police crypto. Check out the latest reports that the country is reporting.
London’s Metropolitan Police has recently formed a dedicated team of 40 members to combat crypto-related crimes. The team began recruiting in December last year and became operational in May.
According to a report by the Financial Times, Detective Inspector Geoff Donoghue, who works on the Met’s crypto investigation team, stated that the use of cryptocurrencies in criminal activities is no longer a niche phenomenon but a growing concern.
“Cryptocurrencies give a new dimension to the settlement of value transfer… Everywhere that we have looked, we have found [crypto].”
The notes continued and said the following:
“The evidence suggests an endemic role of cryptocurrency in organized crime… Drugs, guns, girls and workers… There has been growing evidence that there has been the emerging use of crypto within those fields as well.”
The Metropolitan Police, which serves the greater London area, is reportedly handling 19 active criminal investigations based on 74 “intelligence referrals.”
According to Mat Stanley, a detective sergeant in the Met’s cybercrime unit, the use of digital assets in crime has not decreased despite the crypto bear market.
Stanley noted that despite the market fluctuations, people who purchase drugs don’t care if the cost is one Bitcoin or 0.1 Bitcoin as long as they get what they want. The Met’s jurisdiction is home to 8.6 million people.
At the moment of writing this article, Bitcoin is trading in the green, and the king coin is priced at $24,354.
A popular analyst predicts that Bitcoin (BTC) will experience a significant surge in value.
Credible Crypto, a trader who enjoys a large following of 348,000 individuals on the X social media platform, suggests that Bitcoin’s recent rise to a new 2023 high of $34,606 is only the beginning.
BTC’s weekly chart indicates that the relative strength index (RSI) is in bullish territory, indicating that Bitcoin’s momentum is strong and on the rise.
