Germany's Federal Criminal Police Office (BKA) took down the eXch cryptocurrency exchange due to serious allegations of money laundering. Seizing â¬34 million worth of digital assets, the BKA highlighted that eXch allowed users to trade cryptocurrencies anonymously since its inception in 2014, fostering an environment conducive to illicit activities. The platform's operations were particularly controversial, as it actively marketed itself on the dark web without implementing any anti-money laundering measures. Following its announcement of planned shutdown due to upcoming legal issues, the exchange faced significant scrutiny from authorities.
"Users were neither required to identify themselves to the service, nor was user data stored there. Crypto swapping via eXch was therefore particularly suitable for concealing financial flows."
"The goals we certainly never had in mind were to enable illicit activities such as money laundering or terrorism, as we are being accused of now."
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