New UK law grants police powers for seizing crypto


A new law giving law enforcement agencies more powers to seize, freeze and recover crypto assets has been brought before Parliament.

The Economic Crimes and Corporate Transparency Act targets those involved in criminal activities such as money laundering, drugs and cybercrime, with crypto taking center stage as a trailblazer.

The Home Office, the Department for Business, Energy and Industrial Strategy, the Office for Major Frauds, the Treasury Department, the Justice Department and the Corporate House contributed to the 250-page document, which was first read in the House of Commons on Thursday.

Building on the Economic Crimes (Transparency and Enforcement) Act, which helped regulators impose sanctions on Russia and freeze assets in the country, the bill is scheduled for a second reading on October 13.

“Domestic and international criminals have for years laundered the proceeds of their crimes and corruption by abusing British corporate structures and are increasingly using cryptocurrencies,” Graeme Biggar, director-general of the National Crime Agency, said in the statement.

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“These reforms – long-awaited and warmly welcomed – will help us tackle both.”

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Automated crypto trading platform 3Commas raises $37 million

3Commas, an investment platform for automated crypto trading, has raised $37 million in a Series B funding round.

The startup offers advanced trading tools and automated strategies managed by trading bots that are proven to help users make profits in all market conditions.

The round was chaired by Target Global, Alameda Research, Jump Capital and Dmitry Tokarev, Founder and CEO of Copper.

3Commas says the capital will be used to power its machine learning and artificial intelligence trading bots to drive greater profitability, expand its trading ecosystem, and improve developer access to APIs to build apps powered by 3Commas merchants within the ecosystem.

Additionally, 3Commas has leveraged this investment to hire a robust R&D team to establish DeCommas, a recently formed subsidiary offering users easier access to trade automation in decentralized finance.

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“3Commas was founded with the goal of helping people achieve financial freedom by expanding access to complex crypto trading strategies through powerful trading bots,” said Yuriy Sorokin, CEO and Founder of 3Commas.

“Through this fundraiser, our investors have shown overwhelming confidence in our ability to deliver on this vision.

“We look forward to continuing to develop technology that democratizes access to the transformative benefits of crypto by relentlessly advancing our technology and offering a suite of developer tools to make 3Commas the destination for investment app innovation.”

Cryptocurrency shorts

Russia’s top bank and the Ministry of Finance have reached an agreement allowing the use of cryptocurrency for international payments. Russians are expected to gain access to digital wallets.

Web3 bug bounty and security services platform Immunefi has raised $24 million in Series A funding led by Framework Ventures with participation from Electric Capital, Polygon Ventures, Samsung Next and P2P Capital.

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NFT and Metaverse investor Animoca Brands have appointed Jared Shaw, CFO of cryptocurrency exchange Gemini, as their new CFO.

Liverpool FC have renewed their partnership with fantasy football gaming platform Sorare. Initially used to launch player digital trading cards, they will collaborate on more multimedia fan content and “unique experiences”.

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crypto prices

The total market capitalization of the more than 21,000 coins is $952 billion at the time of writing (7am UK), an increase of 4.8% in the last 24 hours.

For summaries of recent cryptocurrency news developments, click here.

For reviews of the top 100 coins by market cap in US dollars plus 24 hour price change see below.

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