Finnish Customs invites bids from brokers for seized cryptocurrencies

July 30, 2021

Finnish Customs invites bids from brokers for seized cryptocurrencies

The Finnish Customs has launched a tender for cryptocurrency brokers. The agency is looking for an operator through which it can sell confiscated cryptocurrencies "safely and securely".

According to the publication, customs authorities seized bitcoins and other cryptocurrencies as part of an investigation into drug trafficking cases. Applicants have until 30 August 2021 to submit their applications.

The office expects the estimated contract value to be €250,000 before VAT. However, as the "quantity and price of the cryptocurrency seized" is subject to change, the maximum value of the contractor's services under the arrangement is capped at €2m.

"Our aim is to establish a procedure through which we can, on an ongoing basis, safely and securely dispose of crypto-assets seized in favour of the state, including in the future. The chosen operator must, for example, be fully compliant with cryptocurrency legislation," said Pekka Pylkkänen, director of financial management at Finnish Customs.

Earlier Helsingin Sanomat reported that the agency plans to sell 1981 BTC seized from traffickers of illegal substances. At the time of writing, the value of the cryptocurrency is estimated at about $76.9 million.

As a reminder, last December, Finnish Customs, with Europol's support, shut down the large marketplace Sipulimarket - the only illegal drug marketplace in the Finnish language on the Tor network.

TREZOR provides top-notch security for bitcoin (BTC), protecting against both physical and virtual theft. TREZOR is an HD wallet.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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