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Two operators to sell Finnish Customs’ cryptocurrencies

Publication date 28.4.2022 13.52
Press release

Finnish Customs has selected brokers for its cryptocurrencies. Both operators participated in the last stage of the competitive negotiated procedure for the procurement. Through the tendering process, an operational model was created to ensure the safest possible realisation of the cryptocurrencies forfeited to the authorities. The aim is to sell the cryptocurrencies in Customs’ possession, for which there is a legally valid judgment of forfeiture to the state, in the spring or early summer.

Through competitive negotiated procedure, Finnish Customs searched for a cryptocurrency broker, who safely and reliably can carry out the sale of cryptocurrencies forfeited to the State. Of the interested parties, Coinmotion Oy and Tesseract Group Oy were invited to participate in the negotiated procedure and both submitted an offer.

– We decided to award contracts to both operators who participated in the negotiations. Both parties have their own strengths when it comes to trading in cryptocurrencies, and we believe that the extensive expertise will be beneficial for the realisation of the cryptocurrencies in Customs’ possession, says Pekka Pylkkänen, Director of Financial Management.

Both operators are registered in the register of cryptocurrency service providers and they have experience in the brokerage of large lots of cryptocurrencies. During the negotiations, the operators also described in detail their procedures for preventing money laundering and for investigating the buyer’s background. The contracts are in force for 2 years with a further option of 2 years.

Through the tendering process, we created a functioning solution to ensure the safest possible realisation of the cryptocurrencies seized by the authorities. We hope that the model will also benefit other authorities in the future.

– Our current goal is to provide the brokers with cryptocurrencies, approximately 1 890 bitcoins legally forfeited and seized by Customs, for realisation during the spring or early summer. The money is credited to the state in the usual way, as is the case with all other property forfeited in Customs’ seizures, says Pylkkänen.

Customs will announce the sale of the bitcoins.

Customs has seized bitcoins and other cryptocurrencies in connection with investigations into offences related to narcotics and doping substances. Customs has 1 981 bitcoins. Customs has also seized other cryptocurrencies, but since the preliminary investigation into these cases is ongoing, the currencies or their amounts cannot be revealed in detail.

Media release