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German Authorities Shut Down 47 Non-KYC Crypto Exchanges in Money Laundering Crackdown

Sep 20, 2024, 09:32 AM

German authorities have shut down 47 cryptocurrency exchanges suspected of being involved in criminal activities, including money laundering. The operation was conducted by the German Attorney General's Office in Frankfurt and the Federal Criminal Police Office (BKA). These exchanges allegedly failed to implement Know-Your-Customer (KYC) protocols, allowing users to trade anonymously. The crackdown is part of a broader effort to combat cybercrime and disrupt the underground economy that supports cybercriminals. Authorities also seized data from these non-KYC exchanges.