German authorities have shut down 47 cryptocurrency exchanges suspected of involvement in criminal activities, including money laundering. The authorities allege these exchanges intentionally failed to fulfill their obligations to conduct Know Your Customer (KYC) and Anti-Money Laundering (AML) checks on their clients. Among the closed exchanges are Xchange cash, 60cek, Baksman, and other smaller platforms. One of the exchanges had been active since 2012, while others were established only a year prior.