Data sharing is the next crypto compliance frontier

With crypto scams hitting $9.9 billion in 2024 and 90% of UK crypto apps failing AML checks, the industry needs data sharing to combat fraud.

Opinion by: Mike Haley, CEO of Cifas

While the crypto industry is revolutionizing the world of finance, there’s an underlying reality bubbling beneath the surface. Hitting record levels, cryptocurrency scams reportedly accounted for $9.9 billion in 2024 — with 2025’s forecast making for even bleaker reading.

Whether in the form of “old wine in new bottles” frauds — such as Ponzi and pump-and-dump schemes or new crypto-specific fraud typologies like address poisoning — the global fraud epidemic is hitting the industry hard and undermining consumer confidence.

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