UK Launches $28M Crypto Fraud Investigation Into Basis Markets
The United Kingdom’s Serious Fraud Office has an investigation into Basis Markets, a cryptocurrency project that collapsed later than raising approximately $28 million.
Authorities, supported by the Metropolitan Police and West Yorkshire Police, carried out coordinated raids in Herne Hill, London and near Bradford, arresting two men, one in his thirties and another in his forties, on suspicion of multiple fraud and money laundering offences.
Basis Markets had raised funds through two public sales in late 2021 — the first via non-fungible tokens in November, and the second in December, with the aim of creating a “crypto hedge fund.” By June 2022, investors were informed that the project could not continue as planned due to proposed U.S. regulations.
This is the SFO’s first major cryptocurrency case. Nick Ephgrave, Director of the Serious Fraud Office, said the investigation reflects the agency’s growing expertise in cryptocurrency crime.
With our expanding crypto currency capability and growing expertise in this area, we are determined to pursue anyone who would viewk to use cryptocurrency to defraud investors.
He described the action as “an significant step” and urged anyone with information to come forward to support the inquiry.
Solicitor General Ellie Reeves emphasized the wider impact of such schemes, saying that fraud “harms communities and destroys business confidence,” and pledged her support for the SFO’s efforts to tackle cryptocurrency fraud and protect consumers.
As Solicitor General, I will resolutely support the Serious Fraud Office to tackle the scourge of cryptocurrency fraud and protect consumers. I urge anyone with information to come forward and assist the SFO with their investigations.
The investigation is ongoing, with authorities calling on investors and members of the public to provide any information that could assist the case.
UK Financial System Faces Regulatory Pressure and Crypto Market Upgrades
UK regulators have three individuals in connection with an unauthorised debt‑relief scheme, following searches of residential and office premises. The suspects are accused of misleading consumers by offering regulated debt-countradeing services without proper authorisation.
In parallel, the Bank of England, together with authorities in Singapore and Thailand, has . The system allows tokenised foreign-platform trades to settle in real time, reducing cross-border settlement risk.
Meanwhile, by adding Old Mission, a specialist in ETF market-making, providing deeper liquidity and more competitive pricing across the platform.
