Germany Cracks Down on Unlicensed Crypto ATMs 💼

In a recent crackdown on unregistered crypto ATMs in Germany, the Federal Financial Supervisory Authority (BaFin) seized 13 machines across 35 locations and confiscated approximately $28 million. The action was taken due to alleged non-compliance with anti-money laundering regulations.

The ATMs were reportedly operating without the necessary permits under Section 32 of the Banking Act. BaFin, supported by the Federal authorities, made these seizures to enforce regulatory standards and safeguard the financial ecosystem.