- German authorities have confiscated 13 illegal cryptocurrency ATMs in a crackdown across southern Germany.
- During the operation, authorities seized nearly a quarter of a million euros in cash.
- The raid involved 60 officers from various agencies, including the Federal Financial Supervisory Authority (BaFin), police, and the central bank, targeting 35 locations in cities such as Munich and Stuttgart.
- The operators are facing charges related to money laundering, with potential sentences of up to five years in prison.
Munich, August 20 (FFN) – In a significant crackdown on illegal cryptocurrency activities, German authorities have seized and decommissioned 13 illegal cryptocurrency ATMs. The operation, led by the Federal Financial Supervisory Authority (BaFin), focused on the southern regions of Germany and resulted in the confiscation of nearly a quarter of a million euros in cash.
The operation saw the involvement of 60 officers from various agencies, including the police and the central bank. Authorities conducted searches at 35 locations across cities such as Munich, Stuttgart, and other areas. In some cases, the illegal ATMs had already been relocated to avoid detection by regulators.
According to BaFin, these ATMs were operating without the required banking licenses, posing a significant risk of money laundering. The operators of these illegal machines often used short-term locations in kiosks and other retail outlets, moving the ATMs frequently to evade detection. These machines allowed cash deposits in exchange for cryptocurrencies and vice versa, without the oversight required by law, posing serious risks to the financial system.
The operators now face charges that could lead to up to five years in prison. This operation highlights the determination of German authorities to combat illegal financial activities related to cryptocurrencies and ensure that financial transactions are conducted in compliance with the law.
