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Ukraine’s National Security Stops Illicit Crypto Platforms


According to Ukrainian officials, the cryptocurrency exchanges have been allegedly engaged in laundering money as well as other illegal financing activities.

Since the beginning of 2021, the Security Service of Ukraine has closed down many cryptocurrency platforms which were allegedly involved in illicit financial activities.

According to a statement issued by the Security Service on Wednesday, the system of “secret crypto exchanges” was located in the nation’s capital Kyiv and handled a monthly circulation of 1.1 million dollars in assets associated with illegal activities.

According to the Security’s statement, the illicit cryptocurrency exchanges offered secret transaction services, making them an embezzlement danger. Indeed, Ukraine’s national security service said that some people used these sites to coordinate uprisings around the nation.

As per the Security Service, these unlawful assets were obtained using e-wallets connected to prohibited Russian payment providers such as Qiwi, WebMoney, and even Yandex.

During searches on cryptocurrency exchange platforms, Ukraine’s national security service allegedly discovered laptops holding proof of probable criminal activity and reportedly falsified registration paperwork for the firms.

The closure follows a similar search on a facility accused of redirecting energy to mine crypto utilizing Ps4 gaming consoles. An inquiry by Delo, a small business newspaper, found that the station was being utilized to produce in-game cash rather than cultivating cryptocurrency.

However, as reported earlier by Cointelegraph, Ukraine’s national assembly is debating a new law that would allow cryptocurrency payments in the nation. Nevertheless, the legal action will not affect the fact that Bitcoin and other cryptos are not considered legal money in Ukraine.

The central bank of the country is also working on a nationwide virtual currency initiative. In July, the National Bank of Ukraine got formal approval to create a blockchain and digital currency.

The Ministry of Digital Transformation collaborated with the Stellar Development Foundation on a combined digital commodity and CBDC plan.

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