Serious Fraud Office Opens Major Cryptocurrency Investigation

The Serious Fraud Office (SFO) is looking into cryptocurrencies in a big way after making arrests and carrying out coordinated raids in a suspected digital asset scam worth £20–21.4 million (US $28 million). The agency has never done a full-scale investigation into large-scale crypto crime in the UK before. Basis Markets is a crypto project that sold NFTs and tokens in 2021 and called itself a cutting-edge "crypto hedge fund." This is the case. It suddenly stopped working in 2022, saying it was because of pressure from US regulators. Investors got no returns and no answers.

On November 20, 2025, the SFO, with help from the Metropolitan Police and West Yorkshire Police, raided homes in Herne Hill, London, and a place near Bradford. They took two men into custody on suspicion of fraud and money laundering in connection with the failed scam.

The SFO has asked victims and witnesses to come forward as they look into what looks like a big lie, missing investment money, and possible asset diversion. The UK is cracking down harder on financial crimes related to cryptocurrencies after new laws gave the SFO more power to freeze, trace, and seize digital assets. There is also more money going to specialist crypto enforcement teams to help them perform their jobs better. Authorities claim that the probe will focus on figuring out complicated blockchain transactions and following the money to see if the scheme was set up on purpose to trick investors. Regulators say that this case is a big warning of the risks of uncontrolled digital-asset platforms and the need to do your homework before engaging in the crypto-investment industry, which is still attracting new investors. The SFO stressed that getting the money back and getting justice for the victims are still very important as the investigation proceeds on to the next step.