Metropolitan Police seize record £180m of cryptocurrency

The Met has seized a record £180m of cryptocurrency connected to the capital as it looks to crack down on international money laundering.

It follows the seizure of £114 of crypto last month – a woman arrested in connection with that case is now being interviewed for this latest confiscation.

She has since been bailed to a date in late July the Met said.

The seizure followed intelligence received by the Met’s economic crime command regarding the transfer of criminal assets through crypto.

Cryptocurrencies are able to provide more anonymity to both the users and receivers of the money. The combined seizure of some £294m in crypto in a matter of weeks would suggest that organised crime is starting to diversify into the virtual currency.

Detective Constable Joe Ryan said: “We have worked hard to trace this money and identify the criminality it may be linked to. Today’s seizure is another significant landmark in this investigation.”

Ryan’s colleague Graham McNulty, the Deputy Assistant Commissioner, added: “Proceeds of crime are laundered in many different ways.

“While cash remains king in the criminal world, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money.”

“Our investigation will stop at nothing to disrupt the transfer and stop those involved,” McNulty concluded.