Background
In previous articles, we have discussed how the borderless nature of crypto transactions has resulted in jurisdictions requesting INTERPOL to issue notices to try and locate individuals accused of criminal activities – particularly allegations involving crypto.
These requests are often made with a view to potential extradition, and there have been several examples of such requests leading to extradition proceedings.
Indeed, the use of INTERPOL to pursue individuals accused of crypto-related offences is becoming increasingly common.
Following earlier reports that South Korea had asked INTERPOL to issue a Red Notice for developer Do Kwon, our team published a blog titled “Can INTERPOL issue a Red Notice in relation to allegations involving crypto?”.
INTERPOL was also reportedly involved in attempting to locate Ignatova Bajatova, who was linked with the OneCoin scandal.
We recently wrote an article about how, despite Hex Founder Richard Heart being subject to an INTERPOL Red Notice, a United States Court dismissed the case against him.
Latest reports of a Red Notice request
It has recently been reported that a prosecutor in Argentina has requested that a Judge issue an INTERPOL Red Notice to locate Hayden Davis, a citizen of the United States who is alleged to be behind the launch of several memecoins, including $LIBRA.
Specifically, it was reported that Mr Davis was responsible for launching $LIBRA, which quickly rose to a total market capitalisation of more than $4.5 billion before plummeting by more than 99%.
It has also been alleged that the memecoin was endorsed by the Argentine President, who reportedly sold the coin after publicly promoting it.
A Federal Judge is said to have opened an investigation into $LIBRA shortly after its launch.
Crypto and Extradition
In addition to being at risk of INTERPOL measures such as Red Notices, those who fear they are the subject of crypto-related allegations could also be at risk of extradition.
As was discussed in a previous blog, entitled “Can I be extradited for allegations involving crypto?” and “Another US crypto extradition”, the borderless nature of crypto transactions means that any allegation of criminal activity will inevitably involve multiple jurisdictions. As a result, several jurisdictions may assert authority over a case and seek to extradite the alleged perpetrator to their jurisdiction to face justice. In fact, there have already been two examples of individuals being extradited to the US in connection with crypto-related allegations.
The vast majority – if not all – of criminal allegations that underpin crypto-related investigations fall under financial crimes, such as fraud, money laundering and insider dealing. They can also include offences related to breaches of financial regulations.
These crimes, by their nature, can take place across multiple jurisdictions, making them offences for which multiple countries can claim jurisdiction, including in relation to conduct outside their own country, which is when extradition becomes an option.
Indeed, due to the borderless nature of the effect of these crimes, a jurisdiction could assert authority in relation to an individual who has not even stepped foot in that territory.
Given this, authorities may also use INTERPOL to locate an individual and seek their arrest prior to issuing any extradition request.
As cryptocurrency becomes more prevalent, it is likely that the use of INTERPOL to track down individuals accused of crypto-related offences will increase significantly.
INTERPOL and cryptoassets
We have previously written about INTERPOL’s specialist team developed to coordinate global efforts against digital asset-related crime.
There have been increasing reports of countries using INTERPOL to track down individuals accused of criminal activity involving cryptoassets.
Recently, INTERPOL has also become more active in seizing online digital wallets and exchanges, including the exchange known as Cryptonator, for allegedly receiving the proceeds of crime.
Suitability of INTERPOL
There is no doubt that crypto-related crime presents unique challenges for authorities. The decentralised nature of cryptocurrency and its separation from more conventional financial institutions create significant hurdles for international policing.
The UK continues to pass legislation to address these challenges, recently granting authorities greater powers to investigate and seize cryptoassets suspected of being used in criminal activities (please see our other blogs on crypto regulation).
However, not all INTERPOL member states have been as quick to establish a regulatory framework, making international cooperation even more challenging.
Given the decentralised and borderless nature of some cryptoasset transactions, an organisation with global reach like INTERPOL is well-positioned to assist in coordinating efforts to both track individuals accused of crypto-related offences and trace the proceeds of crime.
As always, it remains essential that INTERPOL operates in full compliance with all its applicable rules and regulations.
International crypto dimension – criminal investigations, litigation and extradition
Those who fear they may be subject to an extradition request from the UK, or who are just concerned about liability across multiple jurisdictions including the UK, should get in touch.
Gherson’s criminal litigation, regulatory and investigatory team combine an expert knowledge of criminal and regulatory law underpinned with a firm understanding of digital assets and blockchain technology. As such, the team are able to provide expert strategic advice to anyone facing investigations in relation to any crypto-related offences. Working alongside the extradition team, Gherson’s criminal litigation, investigations and regulatory team are able to provide an unparalleled service in any case with an international dimension. The team are also able to call upon lawyers in multiple other jurisdictions and build multi-jurisdictional teams to assist with any suitable defence.
INTERPOL, Red Notices and crypto
In addition, those who fear that a jurisdiction may have requested INTERPOL to process data relating to them in relation to crypto-related offences, or are just concerned about potential liability, should get in contact.
Gherson Solicitors continue to receive requests for expert advice and assistance from those who fear they may be facing outstanding financial issues. This advice tackles:
- How to best approach a possible INTERPOL red notice;
- Preparing for potential criminal proceedings / an extradition request;
- Preparing for a situation where a civil matter or commercial dispute could be used to initiate bogus criminal proceedings; and
- Even exploring the possibility of instigating civil litigation proceedings to recover any misappropriated assets.
Gherson have previously written a series of blogs designed to assist those who fear they might be subject to INTERPOL measures (including a Red Notice):
- INTERPOL and Red Notice Challenges
- How to Remove an INTERPOL Red Notice
- INTERPOL Red Notices and Extradition
- How do I know if I am subject to an INTERPOL Red Notice
Regulation and compliance
In these constantly changing times, firms that deal with cryptoassets, and additionally have exposure to firms that do, will need to carefully consider all their systems and controls to ensure that they are able to comply with all relevant AML and sanctions regulations.
Updated: 26 March 2025
How Gherson can assist
Gherson’s white-collar crime and regulatory team are able to provide advice and assistance with AML and sanctions compliance, including in situations involving cryptoassets.
Additionally, the team has recently started a series on the regulation of crypto, with the aim of advising those who work in the compliance of this sector. Our specialist regulatory and compliance team can guide individuals and companies seeking advice on relevant issues, including issues with the FCA registration process.
Please do not hesitate to contact us for further advice, send us an e-mail, or, alternatively, follow us on X, Facebook, or LinkedIn to stay up-to-date.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
©Gherson 2025