British authorities have ordered the closure of two companies involved in cryptocurrency-related fraud. An investigation into the two companies revealed that their accounts were used in a £1.3 million cryptocurrency scam, authorities said.
According to an investigation by the UK Insolvency Office, Micasa had around £1.3 million flowing through its accounts between the start of operations in February 2019 and December 2020.
The information states that Micasa and its affiliate Remultex were forced to cease operations amid huge payments and abuse of bounced loans.
A judge at Manchester High Court has ruled that the closure of companies involved in cryptocurrency scams is necessary to protect the public.
According to the verdict, the companies violated trade laws and operated without business integrity, resulting in illegal fund transfers.
