Germany seizes 13 unlicensed cryptocurrency ATMs, confiscating 28 million dollars

ChainCatcher news, the Federal Financial Supervisory Authority (BaFin) of Germany recently launched a nationwide operation against unlicensed cryptocurrency ATMs. This operation seized 13 cryptocurrency ATMs and $28 million in cash. The action took place on August 20 and involved 35 locations that reportedly operated unlicensed crypto ATMs.

BaFin emphasized that these unlicensed ATMs are often used for scams, fraud, and money laundering activities, posing a serious risk to the financial system. According to German banking law, cryptocurrency ATM operators must obtain authorization from BaFin. Violators may face severe legal consequences, including up to 5 years of imprisonment.