🚨 German Regulator Seizes 13 Cryptocurrency ATMs 🚨

German financial regulator BaFin said on Tuesday it had seized 13 cryptocurrency ATMs in a raid. The machines were operating without BaFin’s authorization and posed a money laundering risk, the statement said. BaFin officials, assisted by police and the Deutsche Bundesbank, took action against operators at a total of 35 locations. Cash totaling nearly 250,000 euros ($278,124) was seized 🇩🇪

Exchanging euros for cryptocurrencies is considered a banking activity and requires a license from BaFin, which wants to protect the integrity of the financial system and consumers, the statement said. Illegal operators could be prosecuted by police and face up to five years in prison 🎫