German Regulator Confiscates 13 Crypto ATMs Over Money Laundering Concerns
Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
German authorities have undertaken a significant crackdown on illegal crypto operations, confiscating 13 Bitcoin ATMs across 35 locations nationwide.
The operation, led by the country’s financial regulator, BaFin, in collaboration with law enforcement, targeted machines operating without the necessary permits, seizing nearly 25 million euros (approximately $28 million) in cash.
This move, as the German authorities claimed, came in light of growing concerns over the potential for money laundering and other illicit activities within the cryptocurrency sector, prompting swift regulatory action to safeguard the financial system.
The confiscation of these 13 ATMs marks a pivotal moment in Germany’s ongoing efforts to regulate the burgeoning cryptocurrency market.
The machines used to trade Bitcoin and other cryptocurrencies were found to be operating without BaFin’s required permissions, thereby posing significant risks for money laundering.
This large-scale operation was executed on Tuesday, with BaFin receiving crucial support from the German Bundesbank and law enforcement agencies, including the Federal Criminal Police Office (BKA).
The authorities involved deployed around 60 officers to secure the illegally operating machines, reflecting the high priority placed on this issue.
The machines were strategically placed in 35 locations across various major cities in Germany, where they facilitated cryptocurrency transactions outside the purview of German financial regulations.
This operation is part of a broader initiative by German
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