FBI, Ukrainian law enforcement, seize 9 crypto exchange domains for money laundering allegations

Hello Deep Dives platform! It's a beautiful day to share news and discuss about some crypto cybercrimes issues and how the law enforcement agencies are trying to reduce the issues of money laundering and other crypto related crimes. Good morning!

It's usually said that don't store your crypto in centralized exchanges (CEx). This is because of the rampant issues of money laundering and fraudulent activities ongoing in internet related platforms.

One funny thing about crypto fraud and money laundering is that they're aided and abated by most centralized exchanges (CEx) companies or some linked tech companies that manipulate sites for their selfish gains.

Nine digital currency exchanges involved in aiding and abetting cybercriminals domains have been seized by the United States Federal Bureau of Investigation (FBI) and Ukrainian law enforcement.

This information was released by the FBI Detroit Field Office and the National Police of Ukraine on May 1, after they both conducted a collaborative (court-authorized) investigations that led to the shout down of these digital currency exchange companies.

These virtual digital currency exchange that were shout down and seized include 24xbtc.com, 100btc.pro, pridechange.com, trust-exchange.org and bitcoin24.exchange. These virtual digital currency exchanges offers users one digital currency exchange or the other and these exchanges have flaunt rules and regulations that guides money laundering by aiding and abetting cybercriminals and cyber fraudsters move money from one place to another without proper scrutiny.

FBI noted the exchanges that offered services in English and Russian, featured lax" Anti-Money laundering measures and collected little Know Your Customer Information or none at all.

These rogues actually serves as an avenue for cybercriminals to operate and since they aren't licensed, it gives more opportunities to cybercriminals to use them in order to lauder money, which makes them aiders and abetter of the alleged crimes.

According to the FBI, anyone who comes to make use of these site will meet a notice from the exchange companies that the sites are no longer in use.

For me, this is a good measure to crackdown cybercriminal activities operational in the cryptoverse, although proper investigations should be made to avoid shouting down innocent exchange sites.

Reference:-

• https://cointelegraph.com/news/fbi-ukraine-seize-9-exchange-domains-on-money-laundering-allegations/amp