RUSI flags crypto laundering as material risk for UK
- RUSI identifies crypto laundering as a material risk for the UK.
- 66% of investment fraud cases in the UK involve cryptocurrency.
- The UK faces a mandatory crypto regime implementation in October 2027.
- FATF assessors are scheduled to visit the UK in June 2027.
- Stablecoin supply contraction signals a cooling market for digital assets.
The Royal United Services Institute (RUSI) identified cryptocurrency laundering as a "material risk" for the United Kingdom in a report published on Friday, 13 November 2026.
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UK investment fraud linked to crypto assets
Cryptocurrency is involved in 66% of all investment fraud cases within the United Kingdom, according to the City of London Police. The National Crime Agency estimated in its 2025 risk assessment that over-the-counter crypto brokers likely launder hundreds of millions of dollars each year.
The Metropolitan Police seized £5.5 billion, or approximately $7.3 billion, in crypto assets during a case involving a Chinese money launderer sentenced in 2025. A July 2025 Treasury report also noted that the stablecoin USDT has been extensively exploited by Russian-speaking money laundering networks.
UK regulatory timeline for FATF review
The Financial Action Task Force (FATF) is scheduled to visit the United Kingdom in June 2027 to conduct an evaluation. This assessment report is expected to be finalized during the FATF plenary session in February 2028.
The United Kingdom brought crypto firms under money laundering regulations in 2020, and a statutory crypto regime was passed into law in February 2026. The Financial Conduct Authority defined regulated crypto activities in April 2026 and completed its rulebook in June 2026.
The mandatory crypto regime is not set to take effect until October 25, 2027. A taskforce including experts from law enforcement, the private sector, and civil society met in September 2026 to discuss these preparations for the upcoming evaluation.
Global challenges in crypto oversight
Approximately 93% of jurisdictions surveyed by the FATF in July 2026 had not yet implemented its standards regarding decentralized finance platforms.
North Korea is increasingly using criminal networks to launder stolen cryptocurrency, according to a report published by the Royal United Services Institute in August 2026.
Market volatility and stablecoin contraction
Data from SoSoValue shows that these funds experienced $1.44 billion in outflows between November 5 and November 11. On Wednesday, those same funds saw $299.9 million in net outflows.
Total net outflows for U.S. spot Bitcoin exchange-traded funds reached $1.88 billion in November, following a $520 million outflow recorded in October. These outflows occurred simultaneously with a sell-off in technology and artificial intelligence stocks.
Stablecoin supply, which provides the cash used for cryptocurrency trading, contracted by $14.2 billion in the 30 days leading up to November 9.
Current stablecoin supply levels sit slightly below $280 billion. Glassnode identified this limited supply as a primary factor why Bitcoin is currently "running on empty".
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