German Authorities Seize €25M in Nationwide Crypto ATM Crackdown

German authorities have seized nearly €25 million in cash during a nationwide operation targeting illegal cryptocurrency ATMs. A total of 13 machines operating without permits were confiscated. The operation, carried out with the Bundesbank, highlights concerns about money laundering activities linked to unregulated ATMs.

German authorities have seized nearly €25 million in a sweeping nationwide crackdown on illegal cryptocurrency ATMs, according to a statement from the country's financial regulator BaFin on Tuesday.

The operation led to the confiscation of 13 cryptocurrency ATMs that were operating without the required permits, posing significant money laundering risks.

In total, these machines were found across 35 different locations. BaFin coordinated the effort with law enforcement and the German Bundesbank to tackle unregulated cryptocurrency activities.

(With inputs from agencies.)