Key Takeaway:
- German authorities confiscated 13 crypto ATMs and seized nearly $28 million in cash across 35 locations.
- A crackdown on crypto malpractice in Germany continues with recent busts revealing ongoing regulatory actions.
- ATM operators in Germany face prosecution and penalties up to five years in prison for operating without proper licenses.
German authorities crackdown on unlicensed crypto ATMs
German authorities conducted an anti-money laundering operation on Aug. 20, leading to the confiscation of 13 crypto ATMs and almost $28 million in cash from various locations nationwide. These machines were targeted for operating without the necessary licenses, raising concerns over money laundering risks and potential links to criminal activities.
Regulatory compliance and consumer protection emphasized
The financial watchdog BaFin highlighted the need for regulatory compliance in the operation of crypto ATMs to safeguard the integrity of the German financial system and protect consumers. Unauthorized operators can now face prosecution and penalties, signaling the authorities’ commitment to combating illicit activities in the cryptocurrency space.
