According to Foresight News, the German Federal Financial Supervisory Authority (BaFin) recently conducted a nationwide operation targeting unlicensed cryptocurrency ATMs. The action took place on August 20 and involved 35 locations reportedly operating without proper authorization. Authorities seized 13 cryptocurrency ATMs and $28 million in cash during the operation.
BaFin emphasized that these unlicensed ATMs are often used for scams, fraud, and money laundering activities, posing a significant risk to the financial system. Under German banking law, operators of cryptocurrency ATMs must obtain authorization from BaFin. Those found operating without a license could face severe legal consequences, including up to five years in prison.
