German Authorities Raid 35 Locations, Seize 13 Illegal Crypto ATMs in Major Operation
Nearly € 250,000 in cash was confiscated, and 13 cryptocurrency ATMs were closed in the country.
German financial regulators, in a joint operation with law enforcement, have taken decisive action against unauthorized cryptocurrency operations. Nearly € 250,000 in cash was confiscated, and 13 cryptocurrency ATMs were closed in the country.
The German financial regulator, BaFin, disclosed the details of the operation on Tuesday, emphasizing the risk of money laundering through anonymous crypto deals. The operation involved 35 premises in Germany, and the ATMs were mainly used for trading Bitcoin and other cryptocurrency. These machines worked beyond the framework of anti-money laundering laws, thus attracting the attention of the authorities.
The crackdown involved the participation of BaFin, the police, and the German Federal Bank. This coordinated action highlights the increasing difficulties that supervisory authorities encounter in addressing the risks of cryptocurrencies. Although digital currencies provide such advantages as financial inclusion and an increase in technologies, they create certain problems for the regulators who intend to control the sphere and fight against crimes.
Overview of Germany’s Crypto ATM Network
Currently, there are 176 Bitcoin ATMs in Germany, with the majority of them placed in Düsseldorf, Berlin, and Stuttgart, as per Coin ATM Radar. There was high demand for crypto ATMs in 2021 when the prices of cryptocurrencies were on the rise, but several machines were shut down when the prices fell. The industry is now on an upward trend, with 266 new ATMs deployed across the world in the period since early August.
