TechFlow news: The German Federal Criminal Police Office (BKA) and the Frankfurt General Public Prosecutor's Office have announced the shutdown of 47 cryptocurrency exchanges suspected of engaging in illegal activities such as money laundering.
The BKA stated that these exchanges deliberately failed to fulfill their obligations to conduct customer identification and background checks—so-called "Know Your Customer" (KYC) requirements. Among the shut-down exchanges are Xchange.cash, 60cek.org, and Baksman.com. One of these exchanges has been active since 2012, while others were established only last year.
During the investigation, government authorities have seized certain customer and transaction data. As suspects may reside outside Germany, prosecutors say it could be difficult to bring them to trial, so efforts will focus on dismantling the infrastructure supporting these illegal operations. Earlier this year, the BKA confiscated and sold bitcoin worth $2.1 billion.
