In a major crackdown on crypto exchanges in Germany, the country’s top criminal and cybersecurity investigators have halted the operations of 47 cryptocurrency exchanges.
Reports indicate that these exchanges have been shut down for facilitating money laundering and enabling anonymous international fund transfers. Allegedly, the exchanges in question failed to comply with Anti-Money Laundering (AML) regulations.
In a statement released on Thursday, the German Federal Criminal Police Office (BKA), the Central Office for Combating Internet Crime (ZIT), and the Frankfurt public prosecutor’s office confirmed that the exchanges did not have AML measures in place.
Germany has been regarded as one of the more crypto-friendly countries in Europe, but it remains strict about enforcing AML rules.
Last month, the German Federal Financial Supervisory Authority (BaFin) seized $278,000 in cash and shut down 13 Bitcoin and cryptocurrency ATMs operating illegally in the country.
This latest action appears to be part of a broader crackdown on illegal crypto-related operations in Germany.
Earlier this month, the UK’s Financial Conduct Authority (FCA) also reported that nearly 90% of crypto firms applying for registration in the UK had failed to comply with AML requirements.
Note: This is a developing story and will be updated as more information becomes available.
