Ukraine closes cryptocurrency exchanges used for money laundering
SBU (Security Service Of Ukraine) knocked down a network of crypto exchanges, since the start of 2021, it’s being utilized to anonymize transactions.
More than 1,000 customers used Russian electronic payments secretly to launder funds, including Webmoney, Qiwi, and Yandex.Money.
The Security Service Of Ukraine stated, “The clandestine cryptocurrency exchanges were in demand because they provided anonymity of transactions and possibility of money laundering,”
The amount of money laundered each month was $11 million, a small fraction of the billions of dollars in bitcoin assets legitimately moved by the top 10 exchanges each month.
From each transaction, admins receive an interest of 5 to 10% and they can still make more than $500,000.
When the team searches 5 locations in the Pecherskyi, Shevchenkivskyi, and Solomianskyi districts of Kyiv, the law enforcement officers recovered server machines and computers with the proof of criminal activity, cell phones with installed VPN software, fake firms’ seals, and formation documents, registered in Ukraine and used for money laundering, and $37,330 in cash.
“Among the clients of cryptocurrency exchanges network were organizers of mass protests on the eve of the Independence Day of Ukraine,” the SBU added. “They received money to pay for the services of provocateurs using this particular network.”
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