Germany Seizes $28 Million from Unlicensed Crypto ATMs!
On August 20, 2024, German authorities seized $28 million in cash and 13 cryptocurrency ATMs from 35 locations. This operation targeted unlicensed machines and highlighted concerns about potential money laundering.
Nationwide Raids Target Unlicensed Crypto ATMs
German financial regulator BaFin led the crackdown, with support from law enforcement and the Bundesbank. The raids focused on crypto ATMs operating without licenses. The lack of authorization for these machines raised concerns about their potential misuse for money laundering and terrorism financing.
BaFin’s Stance on Unregulated ATMs
BaFin emphasized the risks of using unregulated ATMs and reaffirmed its commitment to protecting the financial sector. The operation was part of broader efforts to ensure compliance and consumer protection.
Legal Consequences for Violating Operators
Operators found violating licensing requirements face severe penalties, including up to five years in prison, according to AML Intelligence. This crackdown reflects Germany’s ongoing efforts to regulate the cryptocurrency market.
International Efforts Against Crypto-Related Crimes
Globally, efforts to combat cryptocurrency-related crimes are also advancing. Binance reported freezing over $2.4 billion linked to scams and frauds between January and July 2024, due to advanced risk management systems that combine artificial intelligence with manual checks.
Germany’s strong action against unlicensed crypto ATMs shows a serious effort to control digital currency. As regulations tighten, expect more moves to combat financial crime in the crypto world.
