Germany strikes hard! BaFin jointly enforces the law to seal off 13 illegal cryptocurrency ATMs
The German financial market is in turmoil again! The German Federal Financial Supervisory Authority (BaFin), together with the Federal Criminal Police Office and the German Central Bank, launched a thunder operation on August 20, and sealed off 13 cryptocurrency ATMs distributed in 35 locations in one fell swoop. These devices have become the target of BaFin because they violated Article 32 of the Banking Act, operated without registration, and were suspected of illegally exchanging euros for cryptocurrencies.
BaFin sternly pointed out that these illegally installed ATMs lack "know your customer" (KYC) procedures, which can easily become a hotbed for criminal activities such as money laundering, seriously threatening financial security. This action demonstrates the German government's zero tolerance attitude towards illegal activities in the cryptocurrency field, and also sends a clear regulatory signal to the market.
Although the number of cryptocurrency ATMs worldwide once approached a record high in 2024, the number has fluctuated recently due to law enforcement actions in many countries. However, since the beginning of August, the world has +Exchange Junyang: 954737157 quickly restored the installation of 266 cryptocurrency ATMs, showing the market's continued enthusiasm and demand for cryptocurrency. Germany's crackdown has undoubtedly sounded the alarm for the global cryptocurrency market, reminding all participants to strictly abide by regulatory regulations and jointly maintain the health and stability of the financial market.
