Germany shuts down 47 crypto exchanges suspected of money laundering

BlockBeats reported that on September 20, the Frankfurt Attorney General's Office and the country's Federal Criminal Police Office (BKA) closed 47 cryptocurrency trading platforms suspected of being involved in criminal activities such as money laundering.

The BKA stated in a press release on Thursday that these trading platforms deliberately failed to comply with their obligations to conduct certain identity and background checks (KYC) on their customers. Some trading platforms include Xchange, 60cek, Baksman, and other smaller platforms. One of the trading platforms has been active since 2012, while others were launched only the year before.