German, Dutch authorities shut down crypto swap service in major money laundering probe

German authorities have dismantled a cryptocurrency swap service accused of facilitating large-scale money laundering, according to a statement from the German Federal Criminal Police Office (BKA). The operation was carried out in close cooperation with the Dutch Fiscal Information and Investigation Service (FIOD). Digital assets worth 34 million euros were seized during the investigation.

The targeted platform, known as eXch, had been active since 2014 and operated both on the open internet and the darknet. According to the BKA, the service enabled criminals to exchange bitcoin for other cryptocurrencies, advertising its services with an emphasis on complete anonymity. Users were not required to verify their identities, and the platform deliberately avoided storing any personal data.

“The platform facilitated the concealment of financial transactions,” the BKA stated. Authorities allege that eXch was operated as a professional money-laundering tool and that its operators also ran an illegal online trading platform. The investigation is ongoing, and prosecutors believe data obtained from the operation could lead to breakthroughs in other cybercrime cases.

Carsten Meywirth, head of the cybercrime division at the BKA, said the seizure of millions of euros in litecoin, ether, and dash underscores the massive scale of cybercrime operations. “This clearly shows that cybercrime is being committed on an industrial scale,” Meywirth said.