SFO Opens Criminal Investigation into Basis Markets

The UK Serious Fraud Office opened a criminal investigation into Basis Markets on November 20, 2025, after the project raised roughly $28 million (about £20 million) and later collapsed. Two men were arrested on suspicion of fraud and money laundering and searches were carried out at properties in Herne Hill, London, and near Bradford, West Yorkshire, with support from the Metropolitan Police and West Yorkshire Police. The SFO is the lead agency, has published a case entry on GOV.UK, and is working to secure evidence, seize devices, reconstruct cash and crypto flows, and quantify potential victim exposure in the UK. The SFO has issued a public appeal for investors and witnesses to contact [email protected] and to preserve messages, wallet addresses, transaction hashes, bank statements, and other records. Investigators are examining fundraising activity in late 2021, including an NFT sale in November 2021 and a second raise in December, and are assessing whether promoters' statements about hedge fund-style trading, custody arrangements, and reporting matched the facts and whether assets were handled according to the stated strategy. The probe focuses on suspected offences of fraud and money laundering tied to the fundraising and subsequent handling of investor funds, and the SFO said further arrests, asset restraints, or charges remain possible as evidence develops. The SFO is coordinating with policing partners, continuing to collect documents and witness testimony, and conducting forensic tracing of assets. 

Source: https://theweb3.news/crypto/sfo-probes-basis-markets-crypto/

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