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.

Germany, once a significant Bitcoin holder, recently sold $3.15 billion worth of Bitcoin, seized from the piracy site Movie2k.to in 2020.