The German police have recently closed down 47 unlicensed crypto exchanges in the country as part of a crackdown on crypto crime.
German police have recently shut down 47 unlicensed crypto exchanges in the country as part of a crackdown on crypto crime. The operation involved the Federal Criminal Police Office (BKA), the Central Office for Combating Internet Crime (ZIT), and the Frankfurt public prosecutor’s office.
The regulators have accused the exchange operators of enabling money laundering on a massive scale due to non-adherence to AML policies. The crackdown focused on the exchanges that supported anonymous transactions, making it easier for criminals to launder the money.
The researchers also established that these platforms did not require registration and identification, facilitating the conversion of cryptocurrencies without supervision. As per the law enforcement agencies, these platforms acted as marketplaces for darknet dealers, botnet operators, and other cyber criminals cleaning dirty money.
The confiscated servers contain many records, transactions, registrations, and IP addresses, among other things. The authorities have access to the customers’ information, but it may be difficult to prosecute the culprits.
The operators are reportedly based in countries with inadequate or no anti-money laundering laws, making prosecuting difficult.
German police have confiscated servers belonging to 47 unlicensed crypto exchanges in the country, uncovering a massive network of illicit crypto activities. The operation, carried out in cooperation with the Central Office for Combating Internet Crime (ZIT) and the Frankfurt public prosecutor’s office, aimed to crack down on money laundering and other crypto crimes.
The authorities have accused the exchange operators of enabling large-scale money laundering operations by failing to adhere to Anti-Money Laundering (AML) policies. In particular, the crackdown focused on the exchanges that facilitated anonymous transactions, making it easier for criminals to launder their money.
Moreover, the researchers discovered that these platforms did not require registration or identification, allowing for the conversion of cryptocurrencies without any supervision. According to the law enforcement agencies, these platforms served as marketplaces for darknet dealers, botnet operators, and other cyber criminals attempting to clean their dirty money.
The confiscated servers contain a wealth of information, including records, transactions, registrations, and IP addresses. While the authorities can now access the customers’ information, they may face challenges in prosecuting the culprits.
The operators of these unlicensed crypto exchanges are reportedly based in countries that lack adequate anti-money laundering laws or do not prioritize the prosecution of cybercriminals. This makes it difficult for German law enforcement to pursue legal action against the individuals involved in these illicit activities.
As a result, the law enforcement agencies are shifting their focus to dismantling the technological infrastructure that supports these crypto crimes. According to the police, targeting the infrastructure is more feasible than going after the activists themselves.
In particular, they aim to restrict cybercriminals' access to servers used to launder their money, aligning with Germany's ongoing efforts to combat the criminal use of cryptocurrencies.
In previous operations, German law enforcement has demonstrated the effectiveness of its approach to criminal structures, such as the confiscation and auctioning of Bitcoin from the now-defunct Movie2k.
The authorities have also utilized social media to shut down websites and disrupt criminal groups. However, such actions can have ripple effects in the market, as large sales may lead to price changes in the cryptocurrency market.
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