German government shuts down 47 crypto exchage suspected of criminal activity

PANews reported on September 20 that according to CoinDesk, the General Prosecutor's Office in Frankfurt am Main, Germany and the country's Federal Criminal Police Office (BKA) have closed 47 crypto exchage allegedly involved in criminal activities such as money laundering. In a press release on Thursday, BKA said that these exchanges deliberately failed to fulfill their obligations to conduct certain identity and background checks on customers and failed to meet KYC requirements. These exchanges include Xchange cash, 60cek, Baksman, and some other smaller platforms. One of the exchanges has been active since 2012, while others were only established last year. Earlier this year, BKA seized 49,857 bitcoins from a privacy website operator, worth $2.1 billion at the time. The website was closed in 2013 for violating the Copyright Act. BKA began selling these tokens in July this year, and the resulting selling pressure and the almost simultaneous repayment of Mt. Gox funds led to a decline in the global crypto market.