Brazil issues arrest and seizure warrants against crypto companies

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Updated September 26, 2022 | Published September 26, 2022

2 mins read

Law enforcement in Brazil has started to conduct raids against exchanges in the country, with six such companies being targeted so far.

Details about the names of the companies remain under wraps.

According to CoinDesk and local partners, police are investigating potential money laundering and tax evasion conducted or facilitated by the exchanges and companies that have been targeted.

The Federal Police has teamed up with tax authorities to bring suspects to justice. The authorities are reacting to a total of 101 warrants issued by a criminal court in São Paulo, including seizer and arrest orders.

The police have already frozen $238m in virtual assets and securities. There are more assets, but the police did not offer further details as to what or how much these additional assets are.

Brazil has been doubling down on stemming the tide of crime that emanates from unregulated cryptocurrency operations.

According to the Federal Police, much of the funds being targeted have been run through the official financial system in a bid to hide it in shell companies and obfuscate its origins.

Some of the money is being used abroad. By one estimate, the police are responding to at least $391m being moved in suspicious transactions overseas.

Something similar happened in South Korea, which triggered the same firm response from authorities looking to find evidence of foul play.

If you mean to use your cryptocurrencies recreationally, we recommend sticking with great recreational gaming websites such as 1xBit, FortuneJack or Bitcasino.io.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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