Germany Shuts Down 47 Crypto Exchanges, Targets Cybercriminals

Germany has shut down 47 cryptocurrency exchanges, accusing them of enabling cybercriminals to launder money by ignoring anti-money laundering regulations.

Authorities claim these platforms allowed illegal funds to be integrated into the legitimate economy, with users including ransomware operators and black market dealers.

Officials announced the seizure of servers and user data, warning that they intend to trace those involved. However, they admitted that prosecuting many suspects may be difficult, as they are based in countries that offer protection to cybercriminals.

Among the seized platforms was Xchange.cash, which had handled over a million transactions since 2012. Other major exchanges included 60cek.org, Baksman.com, and Prostocash.com.

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Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.