German Authorities Shut Down eXch Cryptocurrency Exchange Over Money Laundering Allegations

Germany’s Federal Criminal Police Office (Bundeskriminalamt or BKA) has shut down the online cryptocurrency exchange eXch[.]cx on charges of money laundering and operating an illegal trading platform.

The enforcement action was carried out on April 30, 2025. Authorities seized the platform's online infrastructure and confiscated 8 terabytes of data, along with cryptocurrency assets valued at €34 million (approximately $38.25 million). The seized assets include Bitcoin, Ether, Litecoin, and Dash.

According to the BKA, the eXch platform had been in operation since 2014 and offered crypto swapping services through both the clearnet and the dark web. The service allowed users to exchange digital assets without verifying their identities or storing user data.

The BKA stated that eXch promoted itself on underground platforms as a service without anti-money laundering (AML) measures, making it attractive to those seeking to hide financial transactions. Authorities believe that about $1.9 billion worth of cryptocurrency has been moved through the platform since its launch. This includes part of the illicit funds reportedly stolen by North Korean hackers in the Bybit exchange hack earlier this year.

On April 17, just days before the takedown, eXch had announced plans to shut down its operations. In a message posted on the BitcoinTalk forum, the platform claimed it was being targeted by an "active transatlantic operation" over allegations of money laundering and terrorism. The operators denied having any intention to support illegal activities.

“We never intended to support money laundering or terrorism,” eXch said in its statement. “We do not want to continue operating a project that is seen as criminal.”

Following the shutdown, the Dutch Fiscal Information and Investigation Service (FIOD) confirmed it is investigating individuals linked to the platform for money laundering and other crimes. In a public message, FIOD emphasized that this action is not an attack on privacy.

“We respect the right to privacy and its importance in the digital age,” FIOD said. “But when services are abused to commit crimes, we will intervene.”

FIOD urged those involved in illegal activity to stop immediately, warning that legal consequences could be severe.