The German Federal Financial Supervisory Authority (BaFin), in conjunction with the Federal Criminal Police Office and the Bundesbank, seized 13 cryptocurrency ATMs in 35 locations on August 20 for failing to register in accordance with Article 32 of the Banking Act and for allegedly illegally converting euros into cryptocurrencies. BaFin said these illegally installed ATMs could become hotbeds for criminal activity by failing to perform "know your customer" (KYC) procedures.
The number of cryptocurrency ATMs worldwide is near a record high in 2024, but decreased in July and early August, in part due to U.S. law enforcement actions. Despite this, 266 cryptocurrency ATMs have been restored globally since the beginning of August.
Germany's BaFin cracks down on illegal cryptocurrency ATMs, seizing 13 machines
2024-08-20 22:39:00
Germany federal financial regulatory authority bafin union federal penal policedesk3cryptocurrencydesktopCrypto News
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