German Crypto Exchanges Must Freeze Accounts Amid Money Laundering Fears

Crypto exchange account holders in Germany who find their accounts frozen are often left in the dark about why it happened.

This is due to Section 47 of the German Money Laundering Act, which prohibits providers from informing customers about suspicious activity reports they intend to file or have already filed.

The law requires a review process that can drag on for months, and during this time, account holders are not entitled to know why their accounts were frozen in the first place.

However, there is a way to shorten the review process: providing a clear and documented path for the money, from its original source through to the transaction under scrutiny.