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WebsCrypto—News—Business News—UK Authorities Shut Down 2 Firms Engaged in Crypto Fraud
Business News

UK Authorities Shut Down 2 Firms Engaged in Crypto Fraud

By WebsCryptoAugust 31, 2022
UK Authorities Shut Down 2 Firms Engaged in Crypto Fraud
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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.

Related:  Retail Giant Pick n Pay Goes All-In on Bitcoin, Adopts Cryptocurrency in All 1,628 Stores

According to the verdict, the companies violated trade laws and operated without business integrity, resulting in illegal fund transfers.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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