🚨💥 Germany: Massive seizure of cryptocurrency ATMs!
BaFin, the German financial authority, has just struck a major blow by seizing no fewer than 13 cryptocurrency ATMs for regulatory non-compliance. These machines, operating illegally, had their money confiscated: an impressive amount of 25 million euros, or about 28 million dollars! 🌍💸
In addition to operating without the necessary permits, the ATM operators violated anti-money laundering standards. This action, carried out with the support of the Federal Criminal Police and the Bundesbank, took place across 35 locations. This is a clear signal of the increased vigilance of regulators in the face of violations of financial regulations.
According to Coin ATM Radar, the crypto ATM trend saw an overall increase of 17.8% last year, with the total reaching 38,279 machines, almost a new record. However, by the start of 2024, a decline was observed with a decrease of 14.56% and the closure of 5,730 machines in 2023. Despite a recent surge with over 2,500 new ATMs installed in 2024, the market remains volatile with 334 machines being uninstalled following a downtrend. In August, however, the number of machines rebounded, adding 226 new units to the global network.
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#DeFi #GermanGovernment #Regulation
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