Obike Favour Obike Favour 07.08.2023

UK's NCA Expands Crypto Investigation Team As Crypto Crime Surges

The United Kingdom's National Crime Agency (NCA) is expanding its digital assets investigation team in response to the growing concern over crypto-related crimes in the country. The NCA is the UK's lead enforcement agency against organised crime, including human, weapon and drug trafficking, cybercrime, and economic crime.

According to the agency's official website, the NCA has opened four senior roles for digital asset investigators to join its Complex Financial Crime Team (CFCT).

The investigators will be tasked with tackling cases involving high-profile crypto fraud, money laundering, and other sophisticated blockchain-related criminal activities. 

Additionally, they will be required to work closely with the London police force and an internal surveillance unit, collaborating with other investigators, intelligence, and analysis teams to build sophisticated cases using evidence gathered from different credible sources. 

The NCA pointed out that the position falls under its newly formed Digital Assets Team (DAT), which is responsible for investigating blockchain-related crimes. 

To qualify for the role, candidates must provide a current or active Professionalising Investigation Programme Level 2 accreditation or any equivalent government-issued qualification on investigative crime. 

The agency is offering a £34,672 to £38,314 salary, including additional benefits consistent with civil service positions. Candidates have until 21 August 2023 to send in their applications. 

UK Government Tightens Oversight on Crypto Industry

As digital assets gain mainstream recognition, they have become a prime target for various financial crimes. The decentralized and pseudonymous nature of cryptocurrencies, despite being their biggest appeal, has made them attractive to criminals who are looking to cover their tracks. 

The UK's efforts to combat crypto crimes come at a time when the country is increasing its oversight of the rapidly growing industry. The new positions align with the UK’s latest endeavour to regulate the cryptocurrency market, especially as crypto-related crimes in the UK continue to surge. 

According to the UK police unit Action Fraud, cybercriminals stole more than £226 million worth of crypto from unsuspecting investors in 2022 using various popular fraudulent schemes, including rug pulls and fake celebrity endorsements.

Speaking of celebrity endorsements, the UK's FCA recently issued a stern warning to influencers who promote crypto products and services. The regulator warned that any unauthorized promotions could result in a two-year jail term, a fine, or both.