Germany Shuts Down 47 Crypto Exchanges in Major Crackdown on Illegal Activities
German authorities have taken action against 47 cryptocurrency exchanges, citing their involvement in facilitating illegal activities.
The Bundeskriminalamt (BKA), Germany’s central criminal investigation agency, announced the crackdown in collaboration with the Frankfurt am Main Public Prosecutor’s Office.
The targeted exchanges were reportedly enabling anonymous transactions between fiat currencies and cryptocurrencies, violating anti-money laundering laws by not enforcing proper know-your-customer (KYC) procedures.
These platforms are accused of concealing the origins of criminal funds, effectively functioning as criminal trading hubs.
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Authorities have secured extensive user and transaction data from the affected exchanges, linking some users to ransomware, botnets, and darknet activities.
This operation is part of Germany’s broader effort to combat cybercrime, with previous successes including the 2023 takedown of ChipMixer and the dismantling of malware threats like Qakbot and Emotet.
The country has stringent anti-money laundering regulations to prevent illicit financial activity.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
