German authorities have closed 47 bitcoin (BTC) and other cryptocurrency exchanges, claiming they are linked to criminal activity. The operation was carried out by the Frankfurt am Main public prosecutor’s office in collaboration with the Central Office for Combating Cybercrime and the Federal Criminal Police Office.
These exchanges, according to the authorities, facilitated anonymous transactionswhich is considered an open door to money laundering. The operators of these platforms face accusations of allegedly deliberately concealing the origin of illicitly obtained funds, by failing to comply with legal regulations against money laundering.
One of the critical failures was the non-implementation of the know-your-customer (KYC) protocol, a procedure that requires financial institutions to verify the identity of its customers to prevent criminal activities such as money laundering and terrorist financing. This protocol has become essential to ensure that transactions are carried out by legitimate individuals.
According to German authorities, the bitcoin and other cryptocurrency exchanges in question allegedly allowed transactions to be made without registration or identity verificationthus facilitating anonymity. This was seen as a strategy to conceal the origin of cryptocurrencies, allowing their rapid and anonymous exchange for the purpose of money laundering.
Among the users of these exchanges were ransomware groups, dark web traffickers, and botnet operators, who apparently used these services. to introduce illicit funds into the regular financial system. This is in order to exploit illegally obtained money, say the authorities.
“The measures of the German law enforcement authorities are also aimed at weakening and destroying the infrastructure of cybercriminals,” the Federal Criminal Police Office said in a statement. “This infrastructure approach has recently been able to withdraw considerable financial resources from the shadow economy. In addition, computer systems and data were seized, which led to new investigative approaches.”
This operation is part of a series of actions against cybercrime in Germany. In August, it was reported that 13 cryptocurrency ATMs were seized for allegedly posing money laundering risks, as reported by CriptoNoticias. These events reflect a growing concern and action by German authorities against the illegal use of cryptocurrencies and Bitcoin technology.
Fighting cybercrime in the long term involves not only identifying and prosecuting criminals but also dismantling the infrastructures that facilitate these activities. However, the challenge remains, as many cybercriminals operate from abroad, where they can be protected or toleratedcomplicating his capture and prosecution by German authorities, officials said.
This article was created using artificial intelligence and edited by a human on the editorial staff.
