Germany sees spike in suspicious crypto activity
Most flagged crypto transactions involved Bitcoin and were connected to platforms that obscure illicit fund origins.
Germany’s Financial Intelligence Unit (FIU) has recorded a record number of cryptocurrency-related suspicious activity reports (SARs) in 2024 despite an overall decline in total filings. The FIU reported 8,711 crypto-linked SARs, an 8.2% rise from the previous year.
Most flagged transactions involved Bitcoin, followed by Ethereum, Tether, and Litecoin. These were often tied to trading platforms, mixing services, or online gambling—tools frequently used to hide the origin of illicit funds. The agency said digital assets continue to play a growing role in money laundering operations.
Germany’s trend reflects broader international concerns. In the UK, the National Crime Agency said cryptocurrency exchanges were linked to 6.6% of all SARs during the 2023–24 period, as overall filings rose to around 872,000.
Authorities also observed a rise in counter-terrorism financing reports and account freezes. In the US, FinCEN received over 8,600 crypto-related SARs in fiscal year 2023.
Meanwhile, blockchain analytics firm Chainalysis reported laundered crypto volumes dropped from $31.5 billion in 2022 to $22.2 billion in 2023, though total criminal crypto usage remained stable at about $50 billion annually.
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