- German authorities shut down 47 illegal crypto exchanges, combating money laundering.
- Crackdown on cybercrime continues with millions seized from illicit platforms.
- Commerzbank enters regulated crypto trading, offering Bitcoin and Ether services.
German authorities have stepped up enforcement against unauthorized crypto exchange providers in the nation. The Federal Criminal Police Office (BKA), along with the Frankfurt Public Prosecutor’s Office, shut down 47 exchange services, reportedly involved in money laundering and other criminal activities.
The deactivated exchanges once acted as safe havens for cybercriminals, including ransomware groups and darknet dealers. These exchanges had continued to operate without adhering to KYC norms, which helped criminals to trade crypto anonymously. Regulators claim these unregulated exchanges profited by laundering substantial sums of money.
The vast amount of user and transactional information collected can be of great use in the ongoing investigations of the cyber criminals.
Read also: Germany Cracks Down on Unlicensed Crypto ATMs
Germany’s Focus on Combating Cybercrime
Germany has been ramping up its efforts to fight cybercrime, especially in the crypto sector. The ongoing crackdown followed the earlier shutdown of platforms like ChipMixer, a major crypto mixer on the darknet.
Authorities seized around €90 million from ChipMixer’s servers in 2023. Additionally, malware networks like Qakbot and Emotet, responsible for widespread global damage were also taken down at the time.
Commerzbank Enters Regulated Crypto Trading
Even as German authorities crack down on illegal platforms, Commerzbank, a major German bank has started regulated crypto trading for its institutional client base. The bank will offer Bitcoin and Ether trading services to its corporate clients in partnership with Deutsche Boerse’s Crypto Finance unit. Commerzbank, which obtained its crypto custody license in early 2023, will also provide crypto custody services. Deutsche Boerse’s Crypto Finance had also inked a similar deal with Zürcher Kantonalbank (ZKB) in Switzerland.
By working with Deutsche Boerse, Commerzbank aims to offer secure and reliable digital asset trading compliant to regulations.
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