According to Reuters, the German authority BaFin has seized 13 unauthorized cryptocurrency ATMs in the country, with €250,000 in cash confiscated.
Recent actions by the German Federal Financial Supervisory Authority (BaFin), in collaboration with the Federal Criminal Police Office (BKA) and the Bundesbank, have led to the seizure of 13 cryptocurrency ATMs operating without the necessary permits. Law enforcement officials confiscated approximately €250,000 in cash.
According to the government office, the ATM operators “illegally installed” the machines and failed to register them under Section 32 of the Banking Act.
The seizure of the ATMs aims to curb various illicit financial activities, such as potential money laundering and unauthorized trading.
German authorities have stated that cryptocurrency ATMs could attract significant criminal activity if operators do not properly implement Know Your Customer (KYC) controls.
