13 Unauthorized Crypto ATMs Seized by German Authorities
Germany’s Federal Financial Supervisory Authority (BaFin) has seized 13 unauthorized cryptocurrency ATMs in a nationwide crackdown involving 60 officers and raids on 35 locations.
The ATMs, lacking the required BaFin approval, were found to facilitate illegal transactions and pose money laundering risks. BaFin, supported by police and other agencies, confiscated the machines and €250,000 in cash. Operating cryptocurrency ATMs without authorization is illegal under German law, with violators facing up to five years in prison. The operation aimed to address money laundering risks and ensure compliance with regulatory requirements.
Clever Robot News Desk 23rd August 2024
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