German authorities have shut down 47 cryptocurrency exchanges accused of facilitating large-scale money laundering operations for cybercriminals.
The Frankfurt prosecutor’s office, alongside the German office for combating Internet crime and the federal criminal police, revealed that these platforms bypassed Know Your Customer (KYC) policies, allowing users to conduct transactions without verification.
The exchanges targeted in the operation include Xchange.cash, 60cek.org, Banksman.com, and Prostocash.com, with top users reportedly linked to ransomware groups, darknet traders, and botnet operators.
By circumventing KYC protocols, the platforms created a haven for laundering illegal funds with minimal risk of prosecution.
