Catenaa, Sunday, November 30, 2025- The UK’s Serious Fraud Office (SFO) has opened an investigation into Basis Markets, a cryptocurrency scheme that raised approximately $28 million through NFT sales and a crypto hedge fund in late 2021.
The SFO, with support from the Metropolitan Police and West Yorkshire Police, conducted raids in Herne Hill and near Bradford, arresting two men in their 30s and 40s on suspicion of multiple fraud and money laundering offences.
Investigators are appealing for investors with information to assist the inquiry.
Basis Markets raised funds through two public events, one in November 2021 via non-fungible tokens and another in December 2021 for a crypto hedge fund.
The project reportedly stalled in June 2022 after investors were informed that anticipated U.S. regulatory changes prevented its continuation.
SFO Director Nick Ephgrave highlighted the agency’s growing capability to investigate cryptocurrency-related fraud and emphasized its commitment to pursuing perpetrators who exploit digital assets to defraud investors.
Solicitor General Ellie Reeves said the case underscores the harm fraud causes to communities, business confidence, and public trust, promising strong support for the SFO’s enforcement efforts.
This case marks the SFO’s first major cryptocurrency-related investigation and signals heightened scrutiny of digital asset schemes in the UK.
