UK Officials Seize Record $408M Worth Of Cryptocurrency In Money Laundering Investigation

London officials reported seizing a record 294 million pounds or $408 million worth of cryptocurrency on Tuesday.

What Happened: According to a report from Reuters, the officials seized an undisclosed cryptocurrency as part of an ongoing money-laundering investigation.

"While cash still remains king in the criminal world, as digital platforms develop we’re increasingly seeing organized criminals using cryptocurrency to launder their dirty money," said Metropolitan Police Deputy Assistant Commissioner Graham McNulty.

The officials reportedly seized the crypto in two installments, taking custody of 114 million pounds on June 24 and another 180 million pounds earlier today.

The police have also arrested a 39-year-old woman on charges of alleged money laundering.

"Today’s seizure is another significant landmark in this investigation which will continue for months to come as we hone in on those at the center of this suspected money laundering operation," said Detective Constable Joe Ryan.

Read also: New Russian Law In The Works To Confiscate Illegally Obtained Crypto

The U.K.’s clampdown on the illicit use of cryptocurrency in money laundering operations comes shortly after it ordered leading crypto exchange Binance to stop its operations in the country.

"A significantly high number of Crypto asset businesses are not meeting the required standards under the money laundering regulations, which has resulted in an unprecedented number of businesses withdrawing their applications," a spokesperson for the Financial Conduct Authority (FCA) told Bloomberg.

Price Action: At press time, the market-leading cryptocurrency Bitcoin BTC/USD was trading at $32,510, down 2.97% over the past 24-hours.