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German authorities closed down 47 illegal crypto-exchanges to combat money laundering.
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Millions of dollars worth of illicit platforms have been seized in the latest crackdown on cybercrime.
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Commerzbank offers Bitcoin and Ether trading services.
German authorities have increased enforcement against unauthorized crypto-exchange providers in the country. The Federal Criminal Police Office and the Frankfurt Public Prosecutor’s Office shut down 47 exchanges that were allegedly involved in money laundering or other criminal activities.
The deactivated exchanges were once safe havens, especially for cybercriminals such as ransomware groups and dealers on the darknet. These exchanges continued to operate despite not adhering to KYC standards, which allowed criminals to trade cryptocurrency anonymously. Regulators claim that these unregulated exchanges made money by laundering large sums of cash.
The vast amount of information collected on users and transactions can be very useful in the ongoing investigations against cyber criminals.
Read about Germany’s crackdown on unlicensed crypto ATMs
Cybercrime is a priority for Germany
Germany has intensified its efforts to combat cybercrime, particularly in the crypto sector. The ongoing crackdown follows the earlier closure of platforms such as ChipMixer, which was a major crypto mixer in the darknet.
Authorities seized approximately EUR90 million in 2023 from ChipMixer servers. Also, malware networks such as Qakbot and Emotet that caused widespread damage worldwide were taken down.
Commerzbank Enters Regulated Crypto Trading
Commerzbank is a major German Bank that has begun regulated crypto trading with its institutional clients. This comes as German authorities crackdown on illegal platforms. The bank will provide Bitcoin and Ether trading to its corporate customers in partnership with Deutsche Boerse’s Crypto Finance unit. Commerzbank will also offer crypto custody services. Commerzbank obtained its crypto custody licence in early 2023. Crypto Finance, a division of Deutsche Boerse, had also signed a similar agreement with Zurcher Kantonalbank in Switzerland.
Commerzbank, in collaboration with Deutsche Boerse aims to provide a safe and reliable trading platform for digital assets that is compliant with regulations.
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