Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»German Authorities Raid 35 Locations, Seize 13 Illegal Crypto ATMs in Major Operation
    Cryptocurrency

    German Authorities Raid 35 Locations, Seize 13 Illegal Crypto ATMs in Major Operation

    August 24, 20243 Mins Read


    • BaFin seized 13 unauthorized cryptocurrency ATMs across Germany in a large-scale operation.
    • The machines lacked proper authorization and posed money laundering risks.

    German financial regulators, in a joint operation with law enforcement, have taken decisive action against unauthorized cryptocurrency operations. Nearly € 250,000 in cash was confiscated, and 13 cryptocurrency ATMs were closed in the country.

    The German financial regulator, BaFin, disclosed the details of the operation on Tuesday, emphasizing the risk of money laundering through anonymous crypto deals. The operation involved 35 premises in Germany, and the ATMs were mainly used for trading Bitcoin and other cryptocurrency. These machines worked beyond the framework of anti-money laundering laws, thus attracting the attention of the authorities. 

    The crackdown involved the participation of BaFin, the police, and the German Federal Bank. This coordinated action highlights the increasing difficulties that supervisory authorities encounter in addressing the risks of cryptocurrencies. Although digital currencies provide such advantages as financial inclusion and an increase in technologies, they create certain problems for the regulators who intend to control the sphere and fight against crimes. 

    Overview of Germany’s Crypto ATM Network

    Currently, there are 176 Bitcoin ATMs in Germany, with the majority of them placed in Düsseldorf, Berlin, and Stuttgart, as per Coin ATM Radar. There was high demand for crypto ATMs in 2021 when the prices of cryptocurrencies were on the rise, but several machines were shut down when the prices fell. The industry is now on an upward trend, with 266 new ATMs deployed across the world in the period since early August. 

    Scott Buchanan, the COO of Bitcoin Depot, stated the global crypto ATM market size was estimated at $182.1 million in 2023 and is estimated to expand at a CAGR of 63.4% from 2024 to 2030. This growth trend is, however, preceded by a market decline in the year 2022. 

    Bitcoin dominates the market, followed by Bitcoin Cash and Ethereum, in the case of ATMs. Some of the older cryptocurrency projects, including Litecoin, Dash, Zcash, and Monero, are also listed, but they have a small market share compared to other currencies such as Solana and BNB.

    Regulators Warn of Legal Consequences for Non-Compliance

    BaFin has warned that operators found in violation of licensing requirements face significant legal consequences, including potential prison sentences of up to five years. This recent development in Germany is in tandem with other recent global developments in which the cryptocurrency business has been subjected to much scrutiny. 

    In interviews with media outlets, anonymous operators have expressed their opposition to regulations such as Know Your Customer (KYC) and anti-money laundering (AML) requirements. They argue that higher regulation goes against the main tenets of cryptocurrency, which are decentralization and anonymity.

    The German operation is not an isolated incident but rather part of a global pattern of increased regulatory enforcement in the cryptocurrency sector. In the United Kingdom, for example, the Financial Conduct Authority (FCA) has been actively pursuing unregistered cryptocurrency ATMs.  Additionally, the FCA, in collaboration with the Metropolitan Police, has inspected several sites in East London that are suspected of hosting illegal machines. 

              No spam, no lies, only insights. You can unsubscribe at any time.





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    What’s the best Crypto to buy in August? This new Cryptocurrency could deliver 5x ROI bypassing ETH 2x

    Cryptocurrency

    Which Cryptocurrency Is More Likely to Be a Millionaire Maker? Dogecoin vs. Solana

    Cryptocurrency

    Is a Cryptocurrency Market Crash on the Horizon?

    Cryptocurrency

    Pakistan at risk of FATF grey list return over digital transactions, warns Pak Finance Minister Aurangzeb – World News

    Cryptocurrency

    FinMin raises alarm over unregulated digital deals

    Cryptocurrency

    MEDIROM launches cryptocurrency strategy with next-generation proof of human technology, World

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Cryptocurrency

    PayPal Floats New Yield Offering to Boost PYUSD Adoption

    Property

    Sasseur Real Estate Investment Trust : PhillipCapital persiste à l’achat -Le 26 février 2025 à 11:08

    Fintech

    Five cloud mistakes that could stall SA’s fintech growth

    Editors Picks

    Marre du métro-boulot-dodo ? Et si vous vous laissiez tenter par le micro-retirement

    December 31, 2000

    China and Kazakhstan to co-operate on CBDC research

    July 12, 2024

    Metal Gear Solid 3 Remake Won’t Have a Key Feature at Launch

    August 10, 2025

    Le metalcore à l’honneur dans Classic 21 Metal ce vendredi soir

    February 25, 2025
    What's Hot

    Market outlook: Investors should prioritize value over growth stocks, says analyst

    August 18, 2024

    Central bankers make rare comments in favor of bigger gold stash

    October 15, 2024

    VYRE Network and TONE Multi-Media Group Partner to Enhance VYRE’s User Experience With Advertisements and Brand Partners Through Advanced Technology

    August 16, 2024
    Our Picks

    Milken-Motsepe Prize In FinTech Announces 10 Semifinalists ($1M)

    October 17, 2024

    Foundation Source Buys Fintech Firm Powering Charityvest

    October 18, 2024

    Upcoming dividend announcement, stock split this week: Watch out for these 5 stocks – Market News

    April 13, 2025
    Weekly Top

    Gujarat emerges as India’s copper hub, amid soaring demand from sunrise sectors – Industry News

    August 24, 2025

    Four quick and easy DIY tricks to boost your property value by nearly £30k

    August 24, 2025

    BRAC EPL Investments partners with Paramount Solar to boost renewable energy expansion

    August 24, 2025
    Editor's Pick

    Controversial property developer Matthew Doyle and his wife Kelsea sell their Sydney home for $2.8million

    August 4, 2025

    Central-bank digital currencies are coming—whether countries are ready or not

    January 16, 2023

    Mercurity Fintech annonce un plan de financement de 800 millions de dollars pour sa trésorerie Bitcoin

    June 11, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.