German Authorities Shut Down 47 Crypto Exchanges in Major Money Laundering Crackdown

Sep 20, 2024, 01:48 AM

German authorities, including the Attorney General's Office Frankfurt am Main (Generalstaatsanwaltschaft) and the Federal Criminal Police Office (BKA), have shut down 47 cryptocurrency exchanges suspected of being involved in criminal activities such as money laundering. The exchanges were allegedly used by ransomware gangs and other cybercriminals to support an 'underground economy.' The BKA stated that these exchanges deliberately failed to fulfill their legal obligations. The action was confirmed in a recent BKA press release.