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German authorities have stepped up enforcement against unauthorized crypto exchange providers in the nation. The Federal Criminal Police Office (BKA), along with the Frankfurt Public Prosecutorâs Office, shut down 47 exchange services, reportedly involved in money laundering and other criminal activities.
The deactivated exchanges once acted as safe havens for cybercriminals, including ransomware groups and darknet dealers. These exchanges had continued to operate without adhering to KYC norms, which helped criminals to trade crypto anonymously. Regulators claim these unregulated exchanges profited by laundering substantial sums of money.
The vast amount of user and transactional information collected can be of great use in the ongoing investigations of the cyber criminals.Â
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