German Government Shuts Down 47 Exchanges
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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have 3 pics and a story
around beer - and go!
@Detlev loves HIVE
Never heard about those names!
I am in shock how many were operating!
More interesting for me : Which ones are still around these days and which ones we still can trust?
47 exchanges are a lot of numbers of exchange, what was they thinking about, they should have follow rules then government wouldn't have shutdown their exchange.
l wish things get fixed up for them and they come back to service 🥰🙏
Why it should be a rule to not allow anonymous transactions? Free people should be allowed to take their own risks. Do you want to live in a world where everything is regulated and governments know every financial transaction you are doing? I don´t!
Living in a world where everything is regulated is not good as well, I do not want that, but it doesn't look good as well when exchanges are shutdown, l feel for most of their user's how hard it will be for them knowing they can't make used of the exchange anymore.
I don´t feel for them as they knew about the risks. And there are other exchanges too.
They are going to make used of other exchange, still a way for them to trade 🥰🙏
With the same "rationale" (no KYC) they could try to attack e.g. stealthex.io or even https://leodex.io/ or https://hivehub.dev/market/swap.
Were all these exchanges based in Germany? Hard to believe.
Servus @detlev ,
hier ein Original Nachweis deiner Liste im post direkt vom Kriminalamt:
https://www.finalexchange.de/de
den ich bereits auch auf dem post von @blkchn vor 4 Tagen teilte:
https://peakd.com/hive-121566/@blkchn/ermittler-schalten-digitale-plattformen-zum-krypto-umtausch-ab#@reiseamateur/re-borsengelaber-2024919t101245529z
Bekommst aber dennoch ein !BEER chen 🤠
View or trade
BEER.Hey @detlev, here is a little bit of
BEERfrom @reiseamateur for you. Enjoy it!Did you know that <a href='https://dcity.io/cityyou can use BEER at dCity game to buy cards to rule the world.
Control freaks gotta control.™
'We can't let them compete with bundesbank, only bundesbank is allowed to launder drug money.
They didn't ask us permission to be free, shut them down!'
Smdh.
Ich kenne keine davon und bezweifle, dass da große Volumen gehandelt wurden.
!hiqvote
Danke...
Analysing whether it was a good or bad decision is a difficult thing to do, because I think everyone is a bit right, people want to have anonymity in relation to their money but an exchage that does not request KYC lends itself to many illegal things.
If we think about hive, the most recommended when we open an account is to make a presentation in the first publication, but it is not mandatory, many accounts do not do it and that is freedom but it also lends itself to multi-accounts and scammers enter the ecosystem.
Everything is so relative, and the balance is very difficult to obtain.
@ynwa.andree, the HiQ Smart Bot has recognized your request (1/3) and will start the voting trail.
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KYC, what a great idea, but the crims will always find a way round whatever a lazy arsed govt. does.
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STOPThis is so frightening. Germany seems to be mirroring what has been happening in the US for the past few years. I believe the reason the crackdown has happened here in America has been to consolidate exchange activity to just a handful of companies so they can be more easily controlled by regulators. Here in this country the crackdown occurred in the years leading up to the BTC ETF approvals. My wife and I are trying to purchase a property right now and one of the major US banks are refusing our USD deposit from a crypto exchange. This is the first time this has happened to me in six years and it's been a complete nightmare. Our funds are frozen and we have have the property closing coming soon. I believe governments of the world will continue to make it tougher for citizens to trade crypto and move the fiat proceeds of crypto sales into the traditional banking system. I believe if crypto is legal we should have freedom to transact, if not the governments should make it illegal. But they "want to have their cake and eat it too". They want banks and hedge funds to reap insane crypto profits while making it difficult for individuals to do the same.
Sadly agree.