German Regulator Confiscates 13 Bitcoin ATMs Over Money Laundering Concerns
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German law enforcement agencies launched a coordinated operation on August 20 to target illicit cryptocurrency activities. The operation resulted in the seizure of 13 Bitcoin ATMs in 35 locations throughout the country.
The operation, led by the country’s financial regulator, BaFin, in collaboration with law enforcement, targeted machines operating without the necessary permits, seizing nearly 25 million euros (approximately $28 million) in cash.
As the German authorities claimed, this move was prompted by growing concerns over the potential for money laundering and other illicit activities within the cryptocurrency sector, prompting swift regulatory action to safeguard the financial system.
The authorities deployed around 60 officers to secure the illegally operating machines, reflecting the high priority placed on this issue.
The machines were placed in 35 locations across various major cities in Germany, where they facilitated cryptocurrency transactions outside the purview of German financial regulations.
The operation is part of a broader initiative by German authorities to tighten control over the cryptocurrency market and ensure that all financial activities comply with the stringent legal requirements outlined in Section 35 of the German Banking Act (Kreditwesengesetz, KWG).
The law governs financial services and securities trading, and the unlicensed operation of these ATMs represents a clear violation of these regulations.
In addition to seizing the Bitcoin ATMs, German authorities froze 21.779 million euros linked to
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