Coinbase News: UK Freezes £6 Million in Crypto Linked to Tax Evasion and Other Financial Crimes

In a significant move to combat financial crimes, UK authorities have frozen millions in cryptocurrency assets. Here’s a closer look at the developments.

UK Freezes £6 Million in Crypto to Combat Financial Crimes

UK authorities have frozen £6 million ($7.7 million) in crypto since gaining new enforcement powers in April 2024. A substantial crypto order worth £1.5 million from a Coinbase wallet linked to possible tax evasion was frozen. The new framework aims to prevent illegal operations such as money laundering, tax evasion, and funding terrorism. The HMRC and other law enforcement agencies can now freeze suspicious cryptocurrency wallets for a maximum period of three years to stop asset transfers and finalize investigations.

Worst Q1 for BTC Price Since 2018

Bitcoin (BTC) ends Q1 with 13% losses due to macroeconomic volatility. The BTC price risks dipping below $80,000 as new US trade tariffs affect risk-asset sentiment. Crypto traders are concerned about April 2, dubbed ’Liberation Day’ by Donald Trump, while gold prices rise. Despite the negative outlook, Bitcoin had a relatively mild March, but Q1 threatens to be its worst in seven years. Profitability indicates a bull market drawdown with no clear bottom. The Coinbase Premium suggests that panic sellers have already exited the market.