Financial Regulators in Germany Have Received Zero Cryptocurrency Fraud Compliants To-Date


The financial regulatory authority of Germany claims that it has no knowledge of “Cyber Incidents” or market manipulation on trading platforms in the country.

This is according to a recently uploaded press release on May 28.

German’s Regulator Without Info About Cyber Incidents

According to information released by the Federal Financial Supervisory Authority (BaFin), the German regulatory agency in charge of controlling banks, financial services and institutions, has provided answers about cyber attacks, fraud and money laundering activities in the country.

The report was released after a request from the Free Democratic Party (FDP) that is interested in learning more about the characteristics of the crypto market in Germany.

According to CoinTelegraph, a translation of the response shows that the agency does not categorize financial crimes in a different way when virtual currencies are involved. They have also informed that the same rules apply to market manipulation. The agency has also acknowledged that Bitcoin (BTC) and other digital assets can be used to launder money.

The report makes reference to illegal activities that were conducted through the darknet and that were performed using Bitcoin.

About it, the report reads as follows:

“The Federal Criminal Police Office is aware of investigations and convictions for money laundering, in which illegal Bitcoin revenues from narcotics transactions on the darknet were washed through bank accounts, or in money laundering services that were offered on the darknet for illegal revenue from drug trafficking with a payout in Bitcoin.”

There are different financial regulators around the world that are worried about these issues and how to deal with them. This is not something that can be easily addressed and institutions and governmental agencies are trying to understand better how to protect investors.

Although this is clearly something that is affecting several countries, the Japanese National Police Agency found that virtual currency related money laundering accounted for just 2% of all the recorded cases of money laundering.

We have also written about South Korea and how the government has recently met in order to discuss further regulations to protect investors from the rapid expansion of the crypto market.

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