Dutch law enforcement seized $29 million worth of cryptocurrencies over the past few months

According to a November 8th announcement made by the Public Prosecution Service, Dutch law enforcement has seized $29 million worth of cryptocurrencies over the past few months. This is the result of a money-laundering investigation.

Dutch authorities seize $29 million worth of cryptocurrencies

According to investigators, both Dutch nationals and foreigners were among those arrested. The euro value of seized cryptocurrencies continues to grow exponentially from year to year. Authorities seized 303 million euros ($351 million) in 2020, with crypto making up only a fraction of the total ($9.9 million).

In 2019, the number of cryptocurrencies seized was just 1.1 million euros ($1.28 million). While it could take years for the authorities to process the laundered Bitcoins in some countries, the Dutch immediately sold the seized cryptocurrency.

As explained by Reiner Bredenood, policy advisor at the Public Prosecution Service, this is meant to make sure that there are no price speculation accusations. “We do not want to give the impression that we are speculating with criminal assets,” he stated.

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