Customs selects Coinmotion, Tesseract as cryptocurrency brokers

Finnish Customs has selected Coinmotion Oy and Tesseract Group Oy as brokers for its cryptocurrencies, said Customs in a press release on Thursday.

Both operators participated in the last stage of the competitive negotiated procedure for the procurement.

“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,” said Pekka Pylkkänen, Director of Financial Management.

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.

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.

“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,” said Pylkkänen.

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.

Earlier, in November 2021, Finnish Customs invited two cryptocurrency brokers with the view to find an operator through competitive negotiated procedure, who safely and reliably can carry out the sale of cryptocurrencies forfeited to the State.