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Estonian government revokes 500 licenses as a counteract strike after the illegal money flow of $220 billions involving Danske bank.


Estonia is a small country in northern Europe which is popular for its virtual investments. 

It’s the first to  liberalize crypto in 2017, licensing far more than 1400 entities.After the scandal, Regulators have mentioned that this crypto platform can be used to facilitate illegal transfers.

Madis Raimond, head of Estonian Financial Intelligence Unit, states that this strike is necessary to track down all the illegal transactions. His idea is to clean up the crypto industry by therefore tightening up the regulations. 


  1. FIU has shut down all the companies that failed to start the operations within Baltic state within 6 months of getting a license.
  2. Permits will be issued after three months at a cost of €3,300 ($3,715), previously it took 30 days to obtain the same license for €300.
  3. Cryptocurrency firms registered in Estonia will also need to operate in the country or open an Estonian branch of a foreign firm.
  4. Remand clearly mentioned that over 50% of the remaining 900 digital asset companies might loose their licenses as they have no operations in Estonia and their managers are outside the country.

This scandal has made the world turn their attention towards Estonia. This preemptive strike is welcomed by the mass. 

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