FBI shuts down 9 crypto exchanges in violation of US law

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The US Federal Bureau of Investigation (FBI) and Ukrainian authorities have halted the operations of nine exchanges suspected of money laundering.

FBI seizes nine crypto websites suspected of money laundering and weak KYC

The FBI worked with a Virtual Currency Response Team (VCRT), Ukraine’s National Police Main Investigative Service, and Ukraine’s Attorney General’s Office to crack down on crypto platform breaches.

The US agency announced the results of the investigations in a May 1 press release.

Authorities shut down all servers of crypto exchanges 24xbtc.com, 100btc.pro, pridechange.com, 101crypta.com, uxbtc.com, trust-exchange.org, bitcoin24.exchange, paybtc.pro, and owl.gold.

Foreclosure notice on 24xbtc.com | Source: 24xbtc

Each platform offered users anonymous crypto transactions through voluntary registration programs that violated multiple US laws. However, authorities cite the exchanges’ extensive involvement in money laundering as the main reason for the investigation.

Websites have played a central role in criminal activity

According to the FBI, these unlicensed exchanges are important nodes in the cybercrime ecosystem. Therefore, they must accept the penal consequences.

Prior to shutting down the exchange websites, the FBI investigated several ransomware hacks. In this hack, the criminals attack a system, encrypt it, and then demand a ransom to unlock the compromised system again.

Criminals often demand cryptocurrency ransoms because virtual assets can cross borders seamlessly.

According to the FBI, the platforms were popular with scammers and other cybercriminals.

The FBI confirmed that investigations are ongoing and called on the public to support the crackdown on further criminal trading.

For the latest Bitcoin (BTC) analysis from BeInCryptos, click here.

Disclaimer

In accordance with the guidelines of the Trust Project, BeInCrypto is committed to providing impartial and transparent reports. This news article aims to provide accurate and timely information. However, readers are urged to independently fact-check and seek professional advice before making any decisions based on this content.

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