German Authorities Seize €25M in Nationwide Crypto ATM Operation

German financial regulator BaFin, along with law enforcement and the Bundesbank, seized almost €25 million in cash and 13 unlicensed cryptocurrency ATMs in a nationwide operation. The ATMs, spread across 35 locations, posed money-laundering risks as they facilitated crypto trades.

German authorities have seized nearly €25 million in cash during a sweeping operation targeting cryptocurrency ATMs, the country's financial watchdog, BaFin, confirmed on Tuesday.

The operation led to the confiscation of 13 machines that were operating without the requisite permits, raising concerns of potential money-laundering activities, according to BaFin's statement. The ATMs had been facilitating transactions involving bitcoin and other digital currencies and were distributed across 35 different sites.

In collaboration with law enforcement agencies and the German Bundesbank, BaFin orchestrated the crackdown to address regulatory breaches and financial security risks. ($1 = 0.9002 euros)

(With inputs from agencies.)