🇩🇪Germany Strikes Blow to 47 Cryptocurrency Exchanges‼️

German authorities announced on Wednesday that 47 trading platforms said to be used for illegal activities have been shut down. These platforms trade both traditional currencies and cryptocurrencies.

Authorities accuse the administrators of the recently closed exchanges of concealing the illicit sources of large amounts of money. The exchanges allegedly failed to comply with anti-money laundering laws.

Criminals Launder Money Through Anonymous Crypto Platforms

These platforms allegedly allowed transactions without registration or identity verification. According to the authorities, the aim of these platforms was to enable fast, easy and anonymous transactions between cryptocurrencies and digital currencies and to hide the source of the money.

According to the authorities, the clients of these platforms include ransomware groups, darknet vendors and botnet operators. They used these platforms to pay ransom and transfer money they obtained from crimes into the financial system so they could spend the money they obtained illegally.

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