UK Warns of Cryptocurrency Scams Rise
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The UK's Crown Prosecution Service (CPS) warns there are more prosecutions with cryptocurrency scams on the way as bad actors "increasingly turn to cyber fraud," the Financial Times has learned, citing Max Hill QC, director of public prosecutions at the CPS. While the CPS does not investigate crimes in the crypto-related area, it reviews cases referred by police and decides whether suspects should be charged.

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"Whilst schemes using high investment returns have been used for decades, I think we will see increasing numbers. Cases coming in are in low numbers now but my prediction is they will increase," Hill added.

According to UK Finance, the banking watchdog, last month almost £500,000 (~$695,000) was sent to fraudsters via bank transfer. Earlier in January, the UK's Financial Conduct Authority (FCA) ordered unregistered crypto companies to cease operations and return funds to investors.

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In particular, the FCA warned on January 8 cryptocurrency companies that had not applied for registration with the SEC by December 15 or have withdrawn their application that they must stop their cryptocurrency-related operations.

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