Showing posts with label Ukraine. Show all posts
Showing posts with label Ukraine. Show all posts

Illegal Cryptocurrency Platforms in Ukraine are being shut down.


The Platforms' Clients - a Wide Range of Criminals


The SBU announced that it had closed down illegal bitcoin exchanges in Kyiv. Their network was earning 5 to 10% interest on each digital asset sale, resulting in a monthly turnover of up to $1.1 million.

The platforms had a total of 1,000 clients, with some of them being criminals, money launderers, online fraudsters, and even mass protest organizers. Furthermore, the inquiry revealed that some of the provocateurs used revenue from the venues during Ukraine's Independence Day to sponsor hostile acts.

The SBU added that the aforementioned exchanges, which have been in operation since the beginning of 2021, ensured transaction anonymity. This is why so many people use them for illegal purposes.

Local police searched the offices as part of the inquiry and confiscated laptops, cellphones, documents, and foreign currency. While it is unclear what penalty will be meted out, the indictments have been filed in court, where the procedure will be carried out by officials.

According to reports, the prosecution will consider all evidence in order to determine who was involved in the illicit actions. Since the beginning of 2021, the SBU Main Directorate, which was in charge of the case, had already apprehended three organizers of similar schemes.

Mexico, like Ukraine, has discovered multiple illicit local bitcoin exchanges.

The chief of Mexico's Financial Intelligence Unit (FIU), Nieto Castillo, promised that the police will work hard to fix the problem:

“At current time, there are 12 platforms that are not registered and are functioning unlawfully... We're building cases so that the Attorney General's Office may work on this.”

Castillo suggested that the aforementioned transactions could be linked to criminals that use virtual assets in money laundering schemes. Furthermore, he did not rule out the idea that the platform is linked to the Jalisco Nueva Generación drug cartel:

“A key issue will be to examine cryptocurrencies and their connections to criminal organizations. I'm fascinated by the fact that multiple bitcoin platforms have been implemented in towns around Jalisco.”

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