According to Foresight News, Germany’s Federal Financial Supervisory Authority (BaFin) recently launched a large-scale operation against unlicensed cryptocurrency ATMs across the country. The operation was carried out on August 20 and involved 35 locations where unlicensed crypto ATMs were reportedly operating, seizing 13 cryptocurrency ATMs and $28 million worth of cash.
BaFin stressed that these unlicensed ATMs are often used for scams, fraud and money laundering, posing serious risks to the financial system. According to German banking law, crypto ATM operators must obtain authorization from BaFin. Illegal operators may face severe legal consequences of up to 5 years in prison.
