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Interpol creates team to focus on crypto crimes

By Darius McQuaid

14:32, 18 October 2022

A logo at the newly completed Interpol Global Complex for Innovation building is seen during the inauguration opening ceremony in Singapore on 13 April, 2015
Cryptos and cybercrime are to be the focus of the agenda for the 90th Interpol general assembly - Photo: Getty Images

The world’s largest police body, Interpol has created a team focused on the fight against crime that involves digital assets.

The international organisation, which facilitates worldwide police cooperation and crime control, has set up a special team in Singapore to help governments fight crypto crime, the Indian news agency Business Standard reported.

The announcement was made by the secretary-general of Interpol, Jürgen Stock, in New Delhi at a news conference prior to the 90th general assembly of Interpol.   

The 90th general assembly will run from 18 October to 21 October.

Stock said that the absence of a legal framework for cryptos such as bitcoin (BTC) and ethereum (ETH) was a real risk to law enforcement agencies.   

He said: “Huge developments in technology, internet of everything and digitalisation – because of cryptocurrency – pose a challenge to law enforcement, because very often, agencies are not properly trained and properly equipped from the beginning.”

The Interpol secretary-general said that cryptos and cybercrime are to be the focus of the agenda for the 90th general assembly.

DOGE/USD

0.13 Price
+6.990% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

67,351.45 Price
+0.510% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,527.87 Price
+0.560% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.60 Price
+3.070% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BTC to USD 

‘The only answer is international cooperation’

The special director of India’s Central Bureau of Investigations, Praveen Sinha discussed the increased difficulty behind monitoring cybercrime and said: “The only answer is international cooperation, coordination, trust, and real-time sharing of information.”

Stock said that Interpol and its 195 member countries will explore the future of police in an increasingly digitalised world, and hope to set out the organisation’s vision for 2030.    

Interpol issues arrest warrant for Terra founder

In September 2022, Interpol issued an international “red notice” for Do Kwon, the co-founder and CEO of Terraform Labs, the company behind the stablecoin terraclassicUSD (USTC) and its sister token terra classic (LUNC), which both collapsed in value in May 2022.

South Korean prosecutors in Seoul in September said that Interpol had issued the notice. It came after a South Korean court put out an arrest warrant on Kwon earlier in September and asked Interpol to circulate a red notice on him.

An Interpol red notice is a request to law enforcement agencies worldwide to “locate and provisionally arrest a person pending extradition, surrender, or similar legal action”.

Markets in this article

BTC/USD
Bitcoin / USD
67351.45 USD
338.55 +0.510%
ETH/USD
Ethereum / USD
3527.87 USD
19.54 +0.560%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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