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The UK’s Serious Fraud Office (SFO) has made its first major arrests in a cryptocurrency case, with two men arrested in London and Bradford over allegations of a $28 million fraud linked to the collapse of the Basis Markets scheme.
The November 20, 2025 operation represents a pivotal change in the enforcement of cryptocurrency laws in the United Kingdom. Authorities are expanding their efforts to tackle advanced crime in digital assets.
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The UK’s SFO has launched a landmark investigation into cryptocurrencies
Serious Fraud Office announced on A man in his 30s was arrested in Herne Hill, London, and another in his 40s near Bradford. The raids, carried out in collaboration with the Metropolitan and West Yorkshire Police, focused on fraud and money laundering linked to the Basis Markets scheme.
These investigations represent the first major step by the Fraud Office in… Crime related to cryptocurrencywhich reflects the Office’s increased strategy against digital asset fraud. The unique collaboration demonstrates the challenges that characterize prosecution cases involving blockchain and NFT technology.
Director of the Serious Fraud Office Nick Evgrave confirmed that the agency has developed specialized resources for cryptocurrency fraud. With the rise of fundamentalist electronic schemes, these capabilities are crucial for the protection of investors.
Solicitor General Ellie Reeves explained that such fraudulent activities pose a serious threat to the UK economy. She promised the support of the government to implement the law, warning that Cryptocurrency scam It undermines confidence in the financial sector.
The Serious Fraud Office has invited victims and whistleblowers to contact us via: (email protected). This public appeal indicates that the authorities expect that there will be more victims and that this case could set important legal precedents.
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The rise and fall of BCI markets
Basis Markets has raised $28 million through two rounds of NFT-based fundraising by the end of 2021, capitalizing on the boom. NFT market activity That year. The first time, in November 2021, it will focus on NFT sales, promising investors a stake in a new cryptocurrency investment vehicle.
The second offering came in December 2021, with the funds intended to create a “cryptocurrency hedge fund” that will use advanced trading strategies. Investor enthusiasm has reached its peak NFT sales Enthusiasm for cryptocurrency projects is at its peak during this period.
However, in June 2022, the project suddenly stopped. Regulators cited “proposed US regulations” as a reason for suspending the project at a time when US agencies were extending wider oversight of NFT and cryptocurrency fundraising practices.
This collapse left investors unable to access the $28 million raised. Detected the timing of the project, which coincides with Wider recessions in the cryptocurrency market In 2022, there are questions that regulatory changes cannot fully explain the failure.
NFT-based fundraising has become a popular approach in 2021, with projects leveraging digital collections to attract capital.
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Research by the US Treasury Department shows that approximately 65% ​​of NFT fraud cases involve deceptive marketing. This high rate of fraud highlights regulatory and enforcement challenges for authorities.
Implications for crypto enforcement in the UK
Basis Markets’ investigation comes at a time when… The United Kingdom is stepping up its efforts against crimes related to digital assets. The Crown Prosecution Service’s Economic Crime Strategy 2025, published in May 2025, identified cryptocurrency and online fraud as high-priority threats requiring multi-agency coordination.
The authorities have appointed operational heads for the recovery of cryptocurrency and established frameworks to strengthen cooperation between the CPS, SFO and law enforcement.
These reforms show the recognition that new tools and strategies are needed to deal with blockchain-based financial crimes.
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The SFO’s move to prosecute cases related to cryptocurrencies is in line with a global trend of strengthening enforcement against digital asset fraud.
Around the world, regulators consider fundraising methods that blur the lines between securities, collections and investments. The Basis Markets case could help shape how British courts deal with cryptocurrency fraud charges in the future.
The reaction on social media highlights the interest of investors in the execution. The Bitcoin Archive highlighted the importance of the SFO pursuing major legal proceedings in cryptocurrencies with this investigation.
This case indicates that there are greater regulatory risks to raising funds for digital assets that lack legal clarity. The SFO’s willingness to pursue complex cryptocurrency cases shows that regulatory uncertainty does not protect those accused of fraud.
The outcome of this trial may determine how aggressively the UK tackles cryptocurrency crime in the future as the sector develops.
