Key Takeaways:
- Germany’s BaFin seized 13 unregistered crypto ATMs in a nationwide operation with law enforcement and Bundesbank.
- The crackdown targets non-compliant operators under Section 32 of the Banking Act, raising concerns over inadequate KYC procedures.
- Despite global regulatory pressures, Bitcoin ATM installations began to recover in August 2024, after an earlier decline.
Germany’s Federal Financial Supervisory Authority (BaFin) has intensified its crackdown on unregistered crypto ATMs, seizing 13 machines across 35 locations.
This operation, in collaboration with the Federal Criminal Police and Germany’s Bundesbank, targeted ATM operators who failed to comply with Section 32 of the Banking Act, which mandates registration for exchanging euros for cryptocurrencies.
🚨🇩🇪 Major crackdown in Germany as authorities confiscated 13 illegal crypto ATMs and seized nearly €25 million over money laundering concerns! 💰🔒#Crypto #Regulation #Germanyhttps://t.co/0nXgQKYLcG
— Cryptonews.com (@cryptonews) August 20, 2024
BaFin also expressed concerns about the potential misuse of these ATMs for criminal activities, especially when operators do not enforce adequate Know Your Customer (KYC) procedures for transactions exceeding 10,000 euros.
Globally, the number of Bitcoin ATMs saw a decline earlier in 2024, particularly in the United States, due to regulatory actions, but installations have started to recover, with 266 new machines added in August.
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