Anti-Financial Crime & Financial Crime Compliance
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Compliance News, Crypto, EU/Europe

Why Estonia shut down more than two-thirds of its crypto firms in 2020

ESTONIA REVOKED the licenses of crypto businesses

Estonia was the epicentre of the 2018 Danske bank scandal in which around €200 billion of suspicious transactions flowed from Estonian, Russian, Latvian and other sources, in what has been described as one of the world’s largest money-laundering scandals ever recorded.

Estonia has revoked the licenses of over two-thirds of its crypto businesses in 2020 after financial intelligence found suspicious activity in the firms.

Finance Ministry Secretary-General Veiko Tali said in a recent announcement that monitoring and regulating virtual currency service providers “needed heightened

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