- Massive crackdown against crypto exchanges in Germany
- This is a part of a broader crackdown on illegal crypto operations
Massive crackdown against crypto exchanges in Germany
Top German criminal investigators and cybersecurity experts announced on Thursday that they have shut down 47 cryptocurrency exchange platforms, saying they were enabling money laundering.
According to a statement by the Federal Criminal Police Office (BKA), the Central Office for Combating Online Crime (ZIT), and the Frankfurt Public Prosecutor's Office, the operators of the closed platforms are accused of deliberately concealing large amounts of criminal proceeds by failing to comply with legal requirements for anti-money laundering.
The investigators pointed out that the platforms allowed exchange transactions to occur without any registration or verification of the identity of the parties to the transaction.
This is a part of a broader crackdown on illegal crypto operations
This was done in order to exchange cryptocurrencies quickly and anonymously for other currencies, while concealing the origin of the transaction.
The investigators explained that the so-called exchange platforms were all based in Germany.
According to the authorities, exchange platforms, which allow anonymous transactions and thus money laundering, are one of the main cornerstones of cybercrime.
Such platforms are reportedly often used by dark web traders and botnet operators.
The authorities say they may use such services to circulate ransom money or other criminal proceeds.
Based on ELTA reports
