Ukraine’s Security Service Closes Illegal Cryptocurrency Exchanges

Ukrainian authorities have allegedly reported that cryptocurrency exchanges are involved in illicit financial activities, including money laundering. Ukraine’s Security Service, known as SBU, has closed down various crypto exchanges reported to have transacted illegally since early 2021. The SBU, in a Wednesday statement, referred to crypto exchanges as the network of ‘clandestine’- known for their illicit transactions. They added that the clandestine cryptocurrency exchanges network was situated in Kyiv, the county’s capital. They unitedly processed a turnover of $1.1 million monthly in funds connected to criminal activity. Related Reading | Coinbase Removes USD Coin (USDC)” Backed By Dollar” Statement Many people today wish to stay anonymous online and many effective ways are out there to achieve that. Privacy experts and organizations believe that’s a fundamental right of humans. But the financial watchdogs around the world keep seeing anonymous transfers as gray payments. The Security Service of Ukraine, in an announcement, accused the illegal crypto exchanges of providing transaction services tagged anonymous. SBU added that this type of illegal service had been tagged as a money laundering risk. They also revealed that some people funneled money via these crypto exchanges across the country to arrange for a protest. The Source of Illegal Cryptocurrency Funds SBU revealed that the illegal fund...