Suspected Crypto-Scam Biz Shut Over COVID Fraud Concerns

On Aug 26, 2022

By Irene Madongo (August 26, 2022, 4:30 PM BST) — The U.K. Insolvency Service said on Friday a company that may have been involved in virtual currency fraud has been shut down amid concerns it abused a government-backed lending program designed to support companies affected by COVID-19.

The agency said Micasa WW Ltd. was suspected of being involved in a crypto scam, but a lack of accounting records meant it was not possible to verify whether its business was legitimate trading activity.

Various authorities in Europe and the U.K. have reported scams involving crytpocurrencies such as bitcoin; in March, the Financial Conduct Authority said it has launched more than 300 probes…

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