NCA report: $5.1 billion a year in illegal crypto transactions linked to UK

A new report from the UK's National Crime Agency (NCA) shows that illegal cryptocurrency transactions related to the UK amount to $5.1 billion annually. The report notes a rise in the frequency of cryptocurrency crimes, particularly an increase in money laundering, a trend that is expected to continue. Cryptocurrencies continue to be important tools in money laundering, dark web transactions and extortion, and their legitimate use also provides opportunities for crime, according to the NCA. Between $1.7 billion and $5.1 billion of illegal crypto transactions are linked to the UK each year, with a “significant proportion” involving corrupt elites overseas. In 2023, the NCA established a dedicated cryptocurrency unit, and in April 2024, it was given increased seizure powers, including the ability to seize crypto assets without arresting suspects. The report also describes the NCA's role in combating the LockBit cybercrime ring, which has received more than $120 million in ransom payments from more than 2,000 victims worldwide.