The Frankfurt am Main Public Prosecutor’s Office, in collaboration with the German Federal Criminal Police Office (BKA), has taken down 47 cryptocurrency exchanges as part of a sweeping crackdown on illegal activities. The platforms are accused of involvement in criminal operations, particularly large-scale money laundering.
Many of the exchanges, some of which have been operating since 2012, allegedly ignored key regulatory practices, including know-your-customer (KYC) and background checks, raising suspicions about their role in concealing criminal proceeds. Notable platforms targeted in the shutdown include Xchange.cash, 60cek.org, Bankcomat.com, and Prostocash.com, all of which boasted hundreds of thousands of users and millions of transactions.
When users attempt to access these now-seized platforms, they are redirected to a warning page titled “Operation Final Exchange.”
Authorities have indicated that many of the operators of these platforms reside outside of Germany, complicating the prosecution process. As a result, the focus will be on disrupting the infrastructure behind these illegal activities rather than pursuing immediate arrests. However, those involved could face money laundering charges and prison time under sections 127 and 261 of the German Criminal Code.
This development comes on the heels of another major crypto-related action by German authorities earlier this year, when the BKA seized nearly 50,000 Bitcoins, valued at $2.17 billion, from a gang connected to the piracy website Movie2k. The seizure marked the largest in the country’s history and sent shockwaves through the cryptocurrency market, which has been under increasing pressure in recent months.
As the investigation continues, the crackdown is seen as a significant step in Germany’s ongoing battle against cryptocurrency-based financial crime.
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