German Crackdown on Unlicensed Cryptocurrency ATMs Nets €250k

German authorities have confiscated nearly €250,000 in cash as part of a nationwide operation against unauthorized cryptocurrency ATMs. A total of 13 machines were seized from 35 different locations for trading without the required permits, posing money-laundering risks. The operation involved BaFin, law enforcement, and the Bundesbank.

German authorities have confiscated nearly €250,000 in cash as part of a sweeping nationwide operation targeting unlicensed cryptocurrency ATMs, the country's financial regulator BaFin announced Tuesday.

The operation resulted in the seizure of 13 machines operating without the necessary permits, raising concerns over potential money-laundering activities. These ATMs, used for trading bitcoin and other cryptocurrencies, were found in 35 different locations across the nation, according to BaFin's statement.

BaFin collaborated with law enforcement agencies and the German Bundesbank to carry out the operation. (Editor: Rachel More, Andrey Sychev)

(With inputs from agencies.)