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German Regulator Seizes 13 Crypto ATMS
The machines were operating without the required BaFin permission and posed money laundering risks, a BaFin statement said.
Updated Aug 21, 2024, 7:52 p.m. Published Aug 21, 2024, 11:44 a.m.
- German regulator BaFin seized 13 crypto ATMs in a raid that spanned a total of 35 locations.
- The regulator requires crypto ATMS operators to have the appropriate licensing in the country.
Germany's financial regulator BaFin seized 13 crypto ATMs in a raid according to a statement by the regulator on Tuesday.
The machines were operating without the required BaFin permission and posed money laundering risks, the statement said. BaFin officials with the support of the police and the Deutsche Bundesbank took action against operators in a total of 35 locations. Cash amounting to almost 250,000 euros ($278,124) was confiscated.
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Exchanging euros for crypto constitutes as banking and requires a license from BaFin which wants to protect the integrity of the financial system and its consumers, the statement said. Illegal operators can be prosecuted by the police and face up to five years in prison.
The regulator has seized bitcoin ATMs before. The country is one of the EU member states that is enforcing the EU's wide-ranging bespoke crypto bill known as the Markets in Crypto Assets legislation framework.
Read more: German Regulator Seizes Crypto ATMs
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