Today German Government Shuts Down 47 Exchanges Over Alleged Illegal Activity
What a news this morning. I went to a few
Sources to get some more facts and found a list on Reddit with some names of this 47 exchanges. None of this was known for me, so it might be a good step to prevent even users for getting problems.
pic by pexels
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Crackdown Tied to Money Laundering and KYC Failures
The German Federal Criminal Police Office (BKA) and the Central Office for Combating Cybercrime (ZIT) have announced the closure of 47 cryptocurrency exchanges, citing their involvement in illegal activities, including money laundering. Authorities stated that the platforms failed to comply with Know Your Customer (KYC) regulations, which are crucial for preventing illicit financial transactions.
The investigation revealed that these exchanges allowed anonymous transactions, making them a preferred platform for money laundering and other illegal financial activities.
A spokesperson from the BKA emphasized the importance of adhering to KYC standards, saying, "We cannot allow such platforms to operate without regulatory oversight, as they pose a serious threat to the integrity of our financial system."
Source by businessinsider.com
Full List of Shut Down Exchanges:
pic by pexels
| No. | Exchange Name |
|---|---|
| 1 | Xchange.cash |
| 2 | 60cek.org |
| 3 | Baksman.com |
| 4 | Prostocash.com |
| 5 | Bankcomat.com |
| 6 | Multichange.net |
| 7 | 4ange.me |
| 8 | CoinBlinker.com |
| 9 | Mchange.net |
| 10 | Ex-Money.cc |
| 11 | Cryptostrike.org |
| 12 | GrandChange.cc |
| 13 | BlaBla.Money |
| 14 | DotSatoshi.com |
| 15 | Nordchange.com |
| 16 | BTCWorm.com |
| 17 | NitroCrypt.net |
| 18 | CrystalMoney.net |
| 19 | IceSatoshi.com |
| 20 | BitFondo.com |
| 21 | BTCBoss.cc |
| 22 | CryptoTonna.com |
| 23 | EasySwap.biz |
| 24 | Cryptobaron.org |
| 25 | Cointrop.com |
| 26 | MajorBox.cash |
| 27 | Hill.Money |
| 28 | BitUniverse.top |
| 29 | CookChanges.com |
| 30 | WildExchanger.com |
| 31 | Check-Check.cash |
| 32 | Godofexchange.com |
| 33 | TipTrone.com |
| 34 | 24PayBank.net |
| 35 | YChanger.org |
| 36 | NiceChange.net |
| 37 | BazaObmena.com |
| 38 | TipTopObmen.com |
| 39 | AlfaChange.net |
| 40 | Abcobmen.com |
| 41 | Royal.Cash |
| 42 | Wiki-Exchange.com |
| 43 | BlaBlaChange.com |
| 44 | ExchangeKey.org |
| 45 | Monetkin.me |
| 46 | BTCRotor.com |
| 47 | Spectrumchange.com |
Source by reddit
Reactions From the Crypto Community
pic by pexels
On Reddit, the news of the shutdowns has sparked intense discussions. Some users expressed concern over the sweeping nature of the action. One Redditor wrote, “This is the largest crackdown we’ve seen on crypto platforms in Europe. It’s a wake-up call for any exchange that isn’t following the rules. But I wonder how many legitimate users are caught in the crossfire.”
Others on the platform criticized the exchanges themselves, with one user stating, “Honestly, it’s about time. These platforms have been skirting regulations for years. If you’re using an exchange without KYC, you’re taking a risk.” Another comment added, “I can’t say I’m surprised. Most of these exchanges had shady reputations, and this was bound to happen eventually.”
However, there are also concerns regarding the potential ripple effects of the crackdown. “This could set a dangerous precedent,” said another Reddit user. “Governments might start shutting down more platforms, even ones that are trying to comply. Where does it end?”
Ongoing Investigations
Authorities indicated that the investigation is far from over. Further actions against other platforms may follow, depending on their level of compliance with German and international regulations. The crackdown is part of a broader initiative to combat illegal financial activities in the crypto space, with Germany positioning itself at the forefront of these efforts.
This incident serves as a strong reminder to cryptocurrency operators and users alike that adherence to KYC and anti-money laundering regulations is no longer optional, but a necessity for the survival of these platforms.
What does this mean for Hive
Does something like this case hit our community? Did you know one of this little exchanges?
Even more important
Wich lesson comes from this case??
Have a great day everybody
and let us travel the world again
pic by @detlev
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