UK Plans to Ban Cold Calls for Cryptocurrency Ads
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May 4, 2023

The UK intends to ban cold calls used in the sale of financial products, including cryptocurrencies, in order to prevent fraud and cybercrime.

According to Bloomberg, the annual losses to the state from such illegal practices are estimated at around $8.7 billion, with fraud being the most common crime in the UK, with one in 15 victims.

It is expected that 400 specialists will be involved in the plan, whose tasks will include combating mass spam and phishing.

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The UK telecommunications regulator will provide technology that will make it more difficult for fraudsters to use "real" phone numbers.

The government plans to pass legislation that will ensure that stolen funds are returned to victims at the expense of banks that allow such practices.

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The country's prime minister, Rishi Sunak, has stated:

"We will take the fight to these fraudsters, wherever they try to hide."

The British authorities unveiled in March a three-year plan to combat economic crime that includes measures to strengthen the fight against the use of cryptos for criminal purposes.

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