The German Attorney General's Office Frankfurt am Main (Generalstaatsanwaltschaft) and the country’s Federal Criminal Police Office (BKA) have shut down 47 cryptocurrency exchanges for their alleged involvement in criminal activities, such as money laundering.
According to a press release issued by the BKA on Thursday, these platforms intentionally neglected their obligation to conduct identity and background checks on their customers.
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The shut down exchanges include Xchange.cash, 60cek.org and Baksman.com, as well as several smaller platforms. Some of these platforms have been operating since 2012, while others were launched more recently.
As part of the investigation, the government seized customer and transaction data. However, given that those behind these illegal activities often reside in other countries where such activities are tolerated or protected, authorities acknowledge that it may be difficult to prosecute them in Germany.