TechFlow reports that Germany's Federal Financial Supervisory Authority (BaFin) recently conducted a nationwide operation targeting unlicensed cryptocurrency ATMs. The action resulted in the seizure of 13 cryptocurrency ATMs and $28 million in cash. Carried out on August 20, the operation involved 35 locations reportedly operating unlicensed crypto ATMs.
BaFin emphasized that these unlicensed ATMs are frequently used for scams, fraud, and money laundering, posing serious risks to the financial system. Under German banking law, operators of cryptocurrency ATMs must obtain authorization from BaFin. Violators may face severe legal consequences, including up to five years in prison.
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