Brazilian Federal Police, cryptocurrencies raided six unnamed crypto exchanges as part of a tax evasion and money laundering investigation involving the use of
As part of Operation Colossus, conducted in conjunction with the Brazilian tax agency, the Federal Police are following 101 orders issued by a criminal court in Sao Paulo, according to an official police report.
These include two arrest warrants and 37 search and seizure warrants.
Assets of Cryptocurrency Exchanges Frozen
In addition, police ordered the freezing of approximately $238 million in assets and securities held by the individuals under investigation, and also confiscated an undisclosed amount of cryptocurrencies and other virtual assets held by 28 exchanges under investigation.
The investigations stemmed from a report conducted by the Brazilian Financial Intelligence, which identified suspicious banking activities linked to trading crypto assets.
The alleged crimes occurred between 2017 and 2021, but investigations are ongoing, according to Brazilian police.
bitcoin And with cryptocurrencies becoming more popular than ever in 2021, regulators around the world began requiring licenses from exchanges where these assets were traded.
In addition, exchanges are requested not to mediate the sale of anonymous crypto assets. Due to this demand, many exchanges that did not implement KYC (know your customer) transactions before started to implement them. Many crypto exchanges have decided to cooperate with local regulators.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!