Scottish Case Sets Precedent as £110K in Cryptocurrency Seized Under New UK Rules
With effect from April, new regulations enable law authorities in the United Kingdom to seize cryptocurrency holdings without first making an arrest. In a historic Scottish case, £110,000 (about $144,384) was taken from 29-year-old John Ross Rennie. For the first time, cryptocurrency has been seized in the form of actual currency through the use of proceeds of crime legislation.
£109K Bitcoin Stolen in Brutal Robbery
In March 2020, Rennie of Cambuslang was found guilty of possessing stolen items after a violent robbery in Blantyre, southeast of Glasgow. The victim awoke to find a man standing over him with a machete, demanding that he transfer 23.5 Bitcoin (£109,601). The court heard testimony from three men who carried out the home invasion last year.
A woman at the property was pushed into a bedroom and violently battered with a personalized Toblerone bar during the crime. The attacker then used the bloodied chocolate bar to make a throat-slitting gesture before running away. As to the BBC article earlier this week, Rennie was identified as the technical brain behind the operation, providing expertise on how to transfer the Bitcoin, despite his denial of involvement in the crime.
FCA Boosts Crypto Regulation: 15% Workforce to Monitor Illicit Activities
The Financial Conduct Authority, which regulates the financial services industry, committed to focusing 15% of its workers, or 15.8, on crypto asset firms in response to the rise in crypto criminality in the UK. In April of this year, the UK Home Office revealed new powers that allow law enforcement to take cryptocurrencies linked to illicit conduct without having to make an arrest. With the passage of last year’s crime bill, these regulations seek to expedite the seizure of unlawful property.
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