Crypto adoption is on the rise, and since the mid-May crash, this is the first time that the whole crypto market is in sync, and every cryptocurrency is showing positive price signs across the board. The adoption rates are good, too, given the fact that many countries are tapping into the option of making bitcoin their legal tender. But the crackdown against the illegal crypto platforms, exchanges, and institutions is going on among all of this.
The illicit way of trapping clients and then playing with their time and money has been given a no-go in many countries and regions of the world. China, UK, the USA, and every other country have taken a harsh stance towards this conspiracy, and these unregistered and illegal exchanges are being forced to close down.
Ukraine, at the moment, is going through something similar; SBU, or the Security service at Ukraine, has closed multiple illegally operating crypto exchanges and platforms in the capital, which were charging almost 5-10% transaction fees. The clients from these illegal crypto platforms then gathered and issued prevocational acts on the independence day of Ukraine to respond to the recent closure of the firms they were being represented with.
Illicit Crypto Platforms will no Longer Operate in Ukraine
This gesture was taken more seriously by the regulatory authorities, and now the cleansing of the illegal platforms that started in the capital of Ukraine is making its way into every large or small city or town of Ukraine. Charging heavy transaction fees, these illegal institutions were drumming up close to $1.1 million on a monthly basis. The only selling pitch of these platforms was the provision of anonymity to their clients; that is why many used this glorified cover handed out by these illegal platforms for the sake of illicit activities. The local police raided the offices of these platforms, and a fully stretched investigation is in the works to cover this thing from every possible angle. During the raid, cell phones, computers, sensitive material, and classified documents were retrieved, which will be used for further inspection and investigation of the whole matter, and it is not too far when the Ukraine government would have the main organizers or culprits of this thing.
