German authorities shut down 47 cryptocurrency exchanges for illegal activities
#TopCoinsSeptember #AirdropGuide #BecomeCreator #BinanceTurns7 According to CoinDesk, German authorities have shut down 47 cryptocurrency exchanges allegedly involved in criminal activities, including money laundering. The Federal Criminal Police Office (BKA) and Germanyâs General Prosecutorâs Office in Frankfurt am Main (Generalstaatsanwaltschaft) announced the closures, citing the exchangesâ failure to comply with âknow your customerâ (KYC) requirements, which mandate identity and background checks on customers. The BKAâs press release on Thursday highlighted that some of the affected exchanges include Xchange.cash, 60cek.org, and Baksman.com, among others. While one of the exchanges had been operational since 2012, others had launched as recently as the previous year. During the investigation, authorities seized customer and transaction data. However, they noted that prosecuting the individuals behind these activities could be challenging, as they often reside in countries where such criminal activities are tolerated or even protected. Rather than focusing on prosecution, German authorities aim to weaken the infrastructure that supports these illegal activities. Earlier this year, the BKA seized 49,857 bitcoins, valued at $2.1 billion at the time, from the operators of privacy website Movie2k.to, which was shut down in 2013 for copyright violations. The agency sold the tokens in July, triggering significant selling pressure on global cryptocurrency markets, exacerbated by simultaneous redemptions from defunct bitcoin exchange Mt. Gox.#MarketDownturn
