US-based crypto exchange Kraken has announced plans to expand its products with intention to expand globally too.
A crypto fraud and asset recovery network has been launched in a bid to resolve crypto-related fraudulent activity in the United Kingdom. The network, dubbed CFAAR, includes a host of cryptocurrency experts including legal advisors, accountants and technology experts in the region.
The group was announced earlier today and is a response to increasing cryptocurrency crimes in the digital asset space. According to the announcement, the group is currently looking for “global professionals in the crypto sphere to join an inclusive community that will host regular meetings.”
The launch of the network represents a united stance from lawyers and financial experts to defend investors against cryptocurrency-related fraud. According to the news, the team has resolved to “respond robustly and effectively” to these digital and cybercrimes. With United Kingdom-based Asset Reality, Essex Court Chambers, Grant Thornton, Osborne Clarke, Rahman Ravelli, RPC, Stewarts and Twenty Essex on board, there is a crypto and legal presence in the network. The announcement further states: that the group will
“include practitioners leading the first crypto-related disputes before the English courts, as well as those actively involved in pioneering approaches to global crypto fraud investigations, forensics, advocacy and the tracing and recovery of crypto assets.”
London – a hotspot for cybercrime
The former Justice of the UK’s Supreme Court Lawrence Collins weighed in on the launch of the group. He noted that London, as a core global hub for finance and industry, has the potential to attract cybercriminals to prey on vulnerable investors.
“Where there is innovation, criminals are not far behind. The latest example is crypto fraud… The professions have to arm themselves to help clients who have been the victims of fraudsters who offer unbelievable returns in fake offerings, or who create false cryptoassets and false exchanges and then hide the proceeds of crime through complex webs. London has long been a pre-eminent financial and professional centre, but unfortunately it may also be turning into a centre for international financial crime.”