Germany Shuts 47 Crypto Exchanges for Illegal Acts

Germany Shuts Down 47 Crypto Exchanges for Illegal Activities

In a major crypto crackdown, Germany has shut down 47 crypto exchanges allegedly for carrying out illegal activities including money laundering. The decision was taken by the German Attorney General’s Office Frankfurt am Main and the country’s Federal Criminal Police Office(BKA).

According to the press release, these crypto exchanges did not comply with regulations and failed to carry out “know your customer” (KYC) of their customers.

The press statement read, “Exchange services that enable such anonymous financial transactions and thus money laundering represent one of the most relevant building blocks in the criminal value chain of the cybercrime phenomenon. Among the users are ransomware groups, darknet traders and botnet operators who use such services to introduce ransom money or other proceeds of crime into the regular currency cycle in order to be able to utilize the money obtained through criminal means.”

Read More: German Government Sells the Dip, Dumps 1,338 Bitcoin

Some of the affected exchanges include Xchange.cash, 60cek.org, Baksman.com, and other smaller platforms.

BKA also informed that as a part of their investigation, some customer and transaction data were seized. It also added that people involved in illicit activities live outside Germany and hence their prosecution seems quite impossible for German officials.

After this major crackdown, BKA will now work on the weak underlying infrastructure that allowed these illicit activities.

Also Read: Singapore Police Investigates Illegal Worldcoin Sales: Deputy PM

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. Passionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.