London’s Metropolitan Police has reportedly put together a 40-person team dedicated to cracking down on crypto crime.
According to a new report from the Financial Times, the police crypto team started recruiting last December and became operational in May.
Detective Inspector Geoff Donoghue, who works in the Met’s crypto investigation team, tells the FT that crypto is no longer a niche element of criminal enterprises.
“Cryptocurrencies bring a new dimension to value transfer settlement… Everywhere we have looked, we have [crypto]. The evidence suggests an endemic role for cryptocurrency in organized crime… Drugs, guns, girls and workers… There is growing evidence of an emerging use of crypto in these areas as well.”
The team is reportedly engaged in 19 active criminal investigations, based on 74 “intelligence referrals.”
Mat Stanley, a detective sergeant at the Met’s cybercrime unit, tells the FT that the crypto bear market has not reduced the use of digital assets in crime.
“We’ve had a few crashes now… But if you buy £100 ($122) worth of medicine, you don’t care if it costs one Bitcoin or 0.1 Bitcoin.”
The Metropolitan Police serves most of London, with the exception of the City of London itself. 8.6 million people live in their jurisdiction.
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