The money laundering scandal in the Baltics involving cryptocurrencies has been uncovered.

An investigation conducted by Delfi (Estonia), Siena (Lithuania), Der Spiegel, and ZDF (Germany) revealed that crypto exchanges operating in Estonia and Latvia have been aiding Russians in bypassing sanctions and converting rubles into other currencies. The study highlighted around 300 registered cryptocurrency companies in Estonia, with dozens found in violation, including fraudulent schemes and money laundering.

Following tightened regulations in Latvia and Estonia in 2022, jurisdictions like Poland and the Czech Republic are gaining popularity due to the registration cost for such platforms being as low as 5000 EUR.

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