• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Germany Shuts Down 47 Cryptocurrency Exchanges for Involvement in Criminal Activities

Germany Shuts Down 47 Cryptocurrency Exchanges for Involvement in Criminal Activities

user avatar

by Giorgi Kostiuk

a year ago

  1. Actions Against Anonymous Crypto to Fiat Transactions
  2. Germany's Recent Cybercrime Prevention Successes
  3. Regulatory Measures and Crime Prevention

    4. The Bundeskriminalamt (BKA), Germany's central criminal investigation agency, along with the Frankfurt am Main Public Prosecutor’s Office, announced the closure of 47 cryptocurrency exchanges used for anonymous crypto to fiat transactions.

    Actions Against Anonymous Crypto to Fiat Transactions

    The shutdown was imposed due to the exchanges' failure to comply with anti-money laundering (AML) regulations and lack of proper know-your-customer (KYC) procedures. Authorities accuse these platforms of concealing the origin of criminally obtained funds on a large scale, effectively operating as criminal trading platforms.

    BKA and ZIT were able to secure extensive user and transaction data from the switched-off exchange services.

    Germany's Recent Cybercrime Prevention Successes

    This operation is part of a larger strategy to combat cybercrime by targeting the infrastructure that supports illegal activities. German authorities have highlighted several recent successes in their fight against cybercrime, including the seizure of ChipMixer’s server infrastructure in 2023, securing approximately 90 million euros.

    Regulatory Measures and Crime Prevention

    Germany has established a detailed regulatory framework for cryptocurrencies, with strict anti-money laundering regulations making KYC mandatory to prevent money laundering and terrorist financing activities.

    The operation underscores the determination of German authorities to combat cybercrime and strengthen the security of the country's financial system. Shutting down exchanges and securing data will be significant steps in preventing illegal activities.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

KuCoin Launches Empower KCS Upgrade Program

chest

KuCoin Token KCS has launched the Empower KCS Upgrade Program to enhance KCS utility across its ecosystem.

user avatarRajesh Kumar

KuCoin Commits to Quarterly KCS Burns to Enhance Scarcity

chest

KuCoin has reaffirmed its commitment to conducting quarterly buybacks of KCS to reduce total supply and increase token value.

user avatarFilippo Romano

KCS Utility Expansion with Enhanced Rewards and Features

chest

The Empower KCS Program introduces multilayered upgrades for KCS, including enhanced rewards and new functionalities.

user avatarLucas Weissmann

Solana's DEX Volume Shows Strong Network Activity

chest

Solana has led DEX volume for 16 consecutive weeks, indicating strong network usage.

user avatarEmily Carter

Bitget Ecosystem Growth Boosts BGB's Utility

chest

Bitget continues to launch features that enhance the utility of BGB, including fee discounts across spot, futures, and Earn products, priority access to ecosystem campaigns, and improved wallet integrations.

user avatarLeo van der Veen

Bitget Earn Expands Yield Opportunities for BGB Holders

chest

Bitget Earn has introduced new yield programs offering 100-200% APY for BGB, attracting long-term holders seeking predictable returns.

user avatarLi Weicheng

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.