German authorities shut down 47 illegal trading platforms, some of which were suspected of using cryptocurrencies to launder money

According to BlockBeats, on September 21, The Block reported that two German government agencies of the Frankfurt Prosecutor’s Office closed 47 illegal trading platforms, some of which used cryptocurrencies. Law enforcement agencies said that these platforms were suspected of money laundering by obtaining and concealing the source of illegal funds. These exchanges avoided the “KYC” protocol to check the identity of users before allowing certain digital asset transactions.

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