The Serious Fraud Office (SFO) has arrested two individuals as part of an investigation into an alleged £20 million cryptocurrency fraud. The arrests occurred following the SFO’s raid on two locations in West Yorkshire and London, where the agency is examining approximately $28 million (£21.4 million) that was reportedly invested in a scheme known as Basis Markets.
According to the SFO, the two men, one in his 30s and the other in his 40s, are suspected of committing multiple fraud and money-laundering offences. Basis Markets, described as a “suspected fraudulent scheme” by the SFO, is not registered as a company. It allegedly raised significant funds through two public campaigns in November and December 2021, proposing to establish a “crypto hedge fund” with the investments gathered.
Half a year later, in June 2022, investors purportedly received communications claiming that new regulations in the United States would hinder the project’s advancement as initially planned. The SFO’s inquiry is believed to be scrutinizing this announcement and its implications for the management of investors’ funds.
Nick Ephgrave, the director of the SFO, emphasized the agency’s commitment to tackling cryptocurrency-related fraud, stating that the current actions mark a significant step in their investigation. The SFO is encouraging anyone with relevant information to assist in their inquiries.
This investigation represents the SFO’s first major case involving cryptocurrency. Earlier in the year, the agency received additional funding to enhance its capabilities in cryptocurrency cases, amounting to over £8 million allocated for the next three years aimed at improving asset recovery, including digital assets. The Guardian has reached out to Basis Markets for comment.
Source: https://www.theguardian.com/business/2025/nov/20/serious-office-arrests-two-men-over-suspected-20m-crypto