Estonia is at the Center of Europe’s Biggest Money Laundering Scandal

Estonia is at the Center of Europe’s Biggest Money Laundering Scandal


Estonia cracks down on a large number of licensed cryptocurrency businesses due to a $220 billion USD laundering scandal.

As Bloomberg reports, one of the most crypto-friendly countries in EU, has been cracking down crypto firms to avoid financial crime after allegations that multi-billion dollars of illegal cash flowed through the local unit of the largest lender Danske Bank A/S in Denmark.

Estonia is in the list of the first EU countries to license cryptocurrency businesses. However, after being at the center of Europe’s biggest money laundering scandal due to recent illegal cash flow, it was obliged to clamp down.

Head of Estonian FIU, Madis Reimand stated the suspension of regulators regarding licensed cryptocurrency companies abusing their Estonian credentials to get involved in fraud somewhere else.

As a result, more than 500 firms have seen their permits withdrawn.

As Madis Reimand mentioned, this is only the 1st step in cleaning and regulating the crypto market, which will permit the country to handle the utmost urgent problems. As he noted, only the firms that will “be subjected to Estonian supervision and coercive measures” will have a permission to operate.



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