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Seizure of 7 million euros of crypto currency and 2 crypto currency exchanges offline
On the night of 25 September to 26 September 2024, the FIOD, in cooperation with the National High Tech Crime Unit (NHCTU) of the Netherlands Police and the Dutch Public Prosecution Service, took two major cryptocurrency exchange services offline. This is because both services are suspected of facilitating money laundering of cryptocurrencies possibly obtained through crime. Servers of pm2btc and Cryptex have been taken offline at various locations and cryptocurrency worth 7 million euros have been seized. The services' servers have been seized and will be investigated.
Earlier, the NHTCU of the National Investigation and Interventions Unit launched an investigation into the Cryptex service, which ran parallel to a US investigation by the United States Secret Service (USSS). This investigation is directly linked to Operation Endgame. Analysis showed that Cryptex was a service provider that facilitated many different criminal financial flows, such as ransomware. Cryptex was using Dutch infrastructure.
During the same period, the FIOD was investigating another service, being pm2btc, where users could convert cryptocurrencies into national currencies and vice versa. It is suspected that many criminals used this crypto exchange service, which also used infrastructure in the Netherlands.
Both services appear to be closely intertwined, which led to the criminal investigations by the NHCTU and the FIOD merging and being continued by the FIOD. NHCTU and the cybercrime team of the police unit in Amsterdam supported in the preparation and execution of actions within the FIOD's investigation into both Cryptex and btc2pm. The FIOD's investigation is led by the National Office for Serious Fraud, Environmental Crime and Asset Confiscation.
During the action, close cooperation with Tether.io and Chainalysis allowed large amounts of cryptocurrency to be secured.
Cryptocurrency exchange services
A cryptocurrency exchange service can consist of cryptocurrency to cryptocurrency (for example, an exchange from bitcoin to ethereum) or from crypto currency to fiat money (for example, bitcoin to euros) and vice versa. Offering cryptocurrency exchange services is not necessarily illegal. However, offering such a service in the Netherlands is subject to a registration requirement with the Dutch National Bank. For more information click here.
Integrity of the financial system
Money laundering facilitates all kinds of serious crime and enables criminals to stay out of reach of investigative authorities and commit crimes. Service providers have an obligation to investigate whether money may have a criminal origin. Knowingly accepting cryptocurrencies derived from crime and thus facilitating money laundering is always punishable by law. FIOD's mission is to monitor and protect the financial system by, among other things, fighting money laundering with impact and effect. The FIOD and its partners will therefore crack down on such service providers.
For information:
fiod.persvoorlichting@belastingdienst.nl