Brazil: Cops Raid 6 Crypto Exchanges in Money Laundering Probe

Six Undisclosed Crypto Exchanges Face Police Action in Brazil

In a tax evasion and money laundering probe involving cryptocurrencies, the Brazilian Federal Police began raids on six undisclosed crypto exchanges on Thursday.

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As per the official police report, the Federal Police is carrying out 101 warrants issued by a criminal court in São Paulo as part of Operation Colossus.

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The operation includes two arrest warrants and 37 search and seizure warrants.

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The police have ordered the freezing of nearly $238 million in assets and securities controlled by those under investigation.

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Meanwhile, an undisclosed amount of virtual assets held by 28 exchanges under investigation has also been seized in the process.

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The investigations started after a report conducted by Brazil's Financial Intelligence found suspicious bank activity linked to the trading of crypto assets.

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The alleged crimes happened between 2017 and 2021; however, the Brazilian police claimed that these crimes are still ongoing.

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