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Suspicious Transactions and Crypto Related Crimes Reach an All Time High in Germany
- Germany's Financial Intelligence Unit (FIU) reported a surge in crypto-related crimes, with 8711 suspicious crypto activity-related notifications in 2024.
- Despite a decrease in overall Suspicious Activity Reports (SARs), crypto crimes rose by approximately 8.2% from 2023.
- Major fraudulent transactions involved Bitcoin, Ethereum, Tether, and Litecoin, linked to mixing services, online gambling, and trading platforms.
- Criminals used digital assets like Bitcoin to obscure transaction origins for money laundering purposes.
- The FBI also noted a significant increase in crypto-related crimes during 2024 and informed over 5,400 victims of crypto scams.
- Crypto crimes are rising globally, with the UK and the US also experiencing an uptick in crypto-related criminal activities.
- European Union plans to ban privacy-enhancing coins by 2027 to combat money laundering, requiring full KYC for transactions above €1000.
- The report indicates a decrease in laundered crypto volume from $31.5 billion in 2022 to $22.2 billion in 2023.
- The new regulations aim to make users more traceable to counter fraud as Europe faces increasing crypto scams.
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