German authorities have shut down 47 cryptocurrency exchanges operating in the country for allegedly facilitating large-scale money laundering operations for cybercriminals.

According to an official statement by the Frankfurt main prosecutor’s office, the German office for combating Internet crime, and the federal criminal police office, these exchanges deliberately allowed their users to bypass Know You Customer (KYC) policies.

The KYC policy is a verification process that requires platform users to submit their basic identification details. However, since these exchanges allowed users to complete transactions without this verification, they created a conducive environment for cyber criminals to launder the proceeds of their illegal activities with little to no risk of being prosecuted.

Some of the seized exchanges include Xchange.cash, 60cek.org, Banksman.com, and Prostocash.com. The police stated that the top users of these exchanges include ransomware groups, darknet traders, and botnet operators.

From: Cryptopotato. –> Full article