German Authorities Seize 13 Cryptocurrency ATMs, Confiscate €25 Million in Cash

German financial regulators have seized 13 unauthorized cryptocurrency ATMs, confiscating €25 million in cash. The action, led by BaFin, aims to curb illegal financial activities and enforce strict compliance with regulatory standards.

In a significant crackdown on unregulated financial operations, the German Federal Financial Supervisory Authority (BaFin), in cooperation with the Federal Criminal Police Office (BKA) and the Bundesbank, has seized 13 cryptocurrency ATMs across the country. These machines were reportedly operating without the necessary permits, leading to the confiscation of approximately €25 million in cash.

The ATMs were allegedly installed illegally by operators who failed to register them under Section 32 of Germany’s Banking Act, which mandates proper licensing and oversight for financial operations. By bypassing these regulations, the operators exposed the machines to potential misuse for illicit activities, such as money laundering and unauthorized trading.

German authorities have expressed concerns about the growing use of cryptocurrency ATMs for illegal purposes, particularly in cases where Know Your Customer (KYC) protocols are not properly enforced. BaFin and the BKA emphasize that stringent regulatory compliance is essential to prevent the misuse of such financial technologies.

The seizure of these ATMs is part of a broader effort by German regulators to tighten control over the cryptocurrency market, ensuring that all operations within the country adhere to legal standards designed to protect consumers and maintain financial stability.

As cryptocurrencies become more integrated into the global financial system, regulators worldwide are increasingly focused on ensuring that the necessary checks and balances are in place to prevent criminal exploitation.

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