- German authorities have shut down 47 unlawful cryptocurrency exchanges in an anti-money laundering initiative.
- The crackdown on cybercrime continues, with tens of millions of {dollars} being seized from unlawful platforms.
- Commerzbank enters regulated cryptocurrency buying and selling, providing providers for Bitcoin and Ethereum.
German authorities have stepped up their crackdown on unauthorized cryptocurrency exchanges within the nation, with the Federal Prison Workplace (BKA), in cooperation with the Frankfurt prosecutor's workplace, shutting down 47 exchanges allegedly concerned in cash laundering and different legal actions.
The shuttered exchanges beforehand served as havens for cybercriminals, together with ransomware gangs and darknet sellers. These exchanges continued to function with out adhering to KYC norms, serving to criminals commerce cryptocurrencies anonymously. Regulators have alleged that these unregulated exchanges have been making large quantities of cash laundering income.
The huge quantity of person and transaction data collected is extraordinarily helpful within the ongoing investigation of cybercriminals.
Additionally learn: Germany cracks down on unlicensed cryptocurrency ATMs
Germany focuses on combating cybercrime
Germany has stepped up efforts to struggle cybercrime, particularly within the cryptocurrency sector, and the newest crackdown comes forward of the shutdown of platforms equivalent to ChipMixer, a significant darknet crypto mixer.
Authorities seized round 90 million euros from ChipMixer's servers in 2023. As well as, malware networks equivalent to Qakbot and Emotet, which induced widespread injury worldwide, have been additionally shut down at the moment.
Commerzbank Enters Regulated Cryptocurrency Buying and selling
As German authorities crack down on unlawful platforms, Commerzbank, a significant German financial institution, has launched regulated crypto buying and selling for institutional traders. The financial institution has partnered with Deutsche Boerse's Crypto Finance division to supply Bitcoin and Ethereum buying and selling providers to its company purchasers. Commerzbank, which acquired a crypto custody license in early 2023, can even present crypto custody providers. Deutsche Boerse Crypto Finance has additionally signed an identical settlement with Switzerland's Zurich Cantonal Financial institution (ZKB).
By working with Deutsche Börse, Commerzbank goals to supply compliant, secure and dependable digital asset buying and selling.
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