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Mexico has identified 12 illegal local crypto exchanges with links to the cartel

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The Financial Intelligence Unit of Mexico (FIU) has received information about 12 crypto exchanges that operate without legal permission. Many experts believe that these exchanges are connected to the notorious drug cartel Jalisco Nueva Generación.

Do Mexican cartels deal with cryptocurrencies?

After receiving information from various sources, the Mexican financial intelligence unit monitored and identified 12 local cryptocurrency exchanges that run their business illegally. During a recent seminar, Nieto Castillo – Director of FIU – assured that the authorities will make every effort to address this issue:

“There are 12 platforms that are not registered and that we know are currently operating illegally – we are preparing steps to make the Attorney General’s Office operational in this regard.”

Castillo suspected that the above-mentioned exchanges may be related to criminals who use digital assets in money laundering operations. In addition, it did not rule out the possibility that the platforms might be linked to the Jalisco Nueva Generación drug cartel, as they are all based in the cartel area:

“A fundamental problem will be the analysis of cryptocurrencies and their relationship with criminal groups. I am struck by the fact that many cryptocurrency platforms operate in several municipalities in the state of Jalisco. “

Under Mexican law, each of the 12 illegal platforms will face up to $ 15,000 in fines.

The FIU has so far identified at least three criminal cases using digital assets. One of them featured Nigerian citizens in Mexico City, who had previously converted money from Mexican victims to cryptocurrencies and sent them to their homland.

A member of the Colombian drug cartel washed millions in cryptocurrencies

This is not the first time that cryptocurrencies and drug cartels have been mentioned together. Last year, Spanish police arrested a Dutch drug dealer of Colombian origin who allegedly laundered around six million euros in digital assets. The criminal was part of the famous Cali cartel and was a syndicate in Europe.

When the authorities caught the dealer in his villa in Marbella, he was surrounded by several luxury items, cars, expensive watches and € 85,000 in cash. Police seized all his belongings, along with credit cards linked to cryptocurrency accounts, computers, and cell phones.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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