Ukraine’s Security Service Closes Illegal Cryptocurrency Exchanges
August 13 2021 - 8:09PM
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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
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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 funds
emanate from electronic wallets (e-wallets) linked to the Russian
banned payment process. They are many, including Yandex, Qiwi, and
WebMoney. The Security Service of Ukraine, according to the
reports, has recovered some computers with evidence of the
suspected illegal activities. In addition, they have allegedly
forged documents of incorporation for the forms during the foray of
the cryptocurrency exchange platforms. The cryptocurrency market
records groundbreaking growth as the altcoins set all-time highs |
Source: Crypto Total Market Cap on TradingView.com The news about
the crypto exchange shutdown came within the period of a raid
accusing a warehouse of electricity diversion. The warehouse was
said to have used the diverted electricity in mining crypto with
consoles from PlayStation 4. Related Reading | Lionel Messi To
Get Paid In Crypto For Joining Paris Saint Germain However, an
investigation by a local business publisher Delo shows that the
warehouse used the facility in generating in-game currency. They
were not farming crypto with it-Delo further revealed. Meanwhile,
Cointelegraph previously reported that the Parliament of Ukraine is
considering issuing a new crypto bill. This bill will be proposing
crypto legalization across the country. However, this legislative
action is not intended to change that Bitcoin (BTC) and cryptos are
not legal tenders. The Future Of Digital Currencies in Ukraine The
Central Bank of Ukraine is currently handling a project on national
digital currency. Since July, the National Bank of Ukraine has
gotten official authorization to start issuing CBDC (central bank
digital currency). In addition, there is a joint partnership
between the Ministry of Digital Transformation and the Stellar
Development Foundation. They are collaborating to strategize for
CBDCs and digital assets jointly. However, the new crypto-related
bill will allow payments in cryptocurrencies like Bitcoin (BTC) in
Ukraine, even though it doesn’t qualify as a legal tender. Featured
image from Pixabay, chart from TradingView.com
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