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Ukrainian authorities have allegedly reported that cryptocurrency exchanges are involved in illicit financial activities, including money laundering. Ukraine’s Security Service, known as SBU, has closed down various crypto exchanges reported to have transacted illegally since early 2021. The SBU, in a Wednesday statement, referred to crypto exchanges as the network of ‘clandestine’- known for their illicit transactions. They added that the clandestine cryptocurrency exchanges network was situated in Kyiv, the county’s capital. They unitedly processed a turnover of $1.1 million monthly in funds connected to criminal activity. Related Reading | Coinbase Removes USD Coin (USDC)” Backed By Dollar” Statement Many people today wish to stay anonymous online and many effective ways are out there to achieve that. Privacy experts and organizations believe that’s a fundamental right of humans. But the financial watchdogs around the world keep seeing anonymous transfers as gray payments. The Security Service of Ukraine, in an announcement, accused the illegal crypto exchanges of providing transaction services tagged anonymous. SBU added that this type of illegal service had been tagged as a money laundering risk. They also revealed that some people funneled money via these crypto exchanges across the country to arrange for a protest. The Source of Illegal Cryptocurrency Funds SBU revealed that the illegal funds emanate from electronic wallets (e-wallets) linked to the Russian banned payment process. They are many, including Yandex, Qiwi, and WebMoney. The Security Service of Ukraine, according to the reports, has recovered some computers with evidence of the suspected illegal activities. In addition, they have allegedly forged documents of incorporation for the forms during the foray of the cryptocurrency exchange platforms. The cryptocurrency market records groundbreaking growth as the altcoins set all-time highs | Source: Crypto Total Market Cap on TradingView.com The news about the crypto exchange shutdown came within the period of a raid accusing a warehouse of electricity diversion. The warehouse was said to have used the diverted electricity in mining crypto with consoles from PlayStation 4. Related Reading | Lionel Messi To Get Paid In Crypto For Joining Paris Saint Germain However, an investigation by a local business publisher Delo shows that the warehouse used the facility in generating in-game currency. They were not farming crypto with it-Delo further revealed. Meanwhile, Cointelegraph previously reported that the Parliament of Ukraine is considering issuing a new crypto bill. This bill will be proposing crypto legalization across the country. However, this legislative action is not intended to change that Bitcoin (BTC) and cryptos are not legal tenders. The Future Of Digital Currencies in Ukraine The Central Bank of Ukraine is currently handling a project on national digital currency. Since July, the National Bank of Ukraine has gotten official authorization to start issuing CBDC (central bank digital currency). In addition, there is a joint partnership between the Ministry of Digital Transformation and the Stellar Development Foundation. They are collaborating to strategize for CBDCs and digital assets jointly. However, the new crypto-related bill will allow payments in cryptocurrencies like Bitcoin (BTC) in Ukraine, even though it doesn’t qualify as a legal tender. Featured image from Pixabay, chart from TradingView.com