Germany's BaFin, police and central bank jointly seized 13 illegal cryptocurrency ATMs

Germany's Federal Financial Supervisory Authority (BaFin), in conjunction with the Federal Criminal Police Office, local law enforcement and the German Central Bank, seized 13 cryptocurrency ATMs in 35 locations on August 20. According to government authorities, the ATM operators "illegally installed" the machines, which were not registered in accordance with Section 32 of the Banking Act and were suspected of illegally exchanging euros for cryptocurrencies. In addition, officials said that if operators fail to properly exercise "KYC" controls on transactions over 10,000 euros, crypto ATMs may often become a hotbed for criminal activities. The number of cryptocurrency ATMs worldwide was close to an all-time high in 2024, but it decreased in July and early August, partly due to law enforcement actions in the United States. According to the latest data from Coin ATM Radar, the number of cryptocurrency ATM installations has recovered, with another 266 installed since the beginning of August. (Cointelegraph)