Looks like the German government just had a field day with 47 crypto exchanges, hitting them with the “you’re done” stamp. Apparently, these platforms thought they could run wild without proper registration, but BaFin—the financial watchdog in Germany—wasn’t having any of it. Who needs rules, right? Well, turns out, you do if you don’t want your crypto operation shut down.
These exchanges were allegedly up to no good, with rumors of fraud and money laundering swirling around. I mean, if you’re going to run a shady crypto business, at least try not to make it that obvious. But no, these platforms were like the Wild West of crypto, just without the cool cowboy hats.
Now, BaFin stepped in and basically said, “Nice try, but we see you.” Germany’s not exactly known for being lenient when it comes to financial regulations, so it’s no surprise these exchanges didn’t get very far. Pro tip: If you want to scam people, maybe don’t do it in one of the most tightly regulated countries in Europe.
