Estonia launched an operation against hundreds of crypto companies registered in the country after the $ 220 billion money laundering scandal.

Following the biggest money laundering scandal in Europe, which broke out in December 2018, Estonia is canceling its licenses issued to hundreds of crypto companies.

According to the news in Bloomberg; Estonia, one of the most important crypto-money-friendly countries of the European Union, has launched operations against hundreds of licensed crypto companies in response to the $ 220 billion money laundering scandal.

Estonia was one of the first countries to license cryptocurrency companies within the EU, but hundreds of billions of dollars of dirty money detected at the Estonian branch of Danske Bank A / S, one of Denmark’s largest credit banks, led to a major collapse operation against crypto companies.

This event puts Estonia at the heart of Europe’s biggest money laundering scandal.

Cryptocurrency companies suspected, 500’s approvals withdrawn

Madis Reimand, the head of the Intelligence Unit of the Baltic States, announced that regulators suspect licensed crypto firms’ identity information from Estonian customers and fraud in other regions.

However, the approval of the documents of more than 500 companies that still could not start their operations despite the license was withdrawn.

“What is being done right now is the first steps to recover the market,” Reimand said. We only allow the operations of companies that can be under the control of the Estonian inspection and measures package. ”

Tougher measures will be taken

Reimand also stated that stricter regulation and licensing measures will be taken. On the other hand, more than half of the remaining crypto companies in the country may lose their licenses. Because these companies continue their operations abroad and company managers do not live in Estonia.


Please enter your comment!
Please enter your name here