BaFin leads coordinated raids across 35 locations, confiscating €250,000 in cash and targeting unauthorized cryptocurrency ATMs to combat money laundering.
German authorities have recently conducted a significant anti-money laundering operation, targeting cryptocurrency ATMs across the country. The operation, led by the Federal Financial Supervisory Authority (BaFin), resulted in the seizure of 13 crypto ATMs and approximately €250,000 in cash.
The raids took place at 35 different locations throughout Germany. These ATMs were found to be operating without the necessary permissions from BaFin, which is a requirement under German law. The unauthorized operation of these machines posed significant money laundering risks, prompting the authorities to take action.
The operation was a coordinated effort involving multiple agencies. Alongside BaFin, the police, the Deutsche Bundesbank, and the Federal Criminal Police Office played crucial roles in executing the raids. This collaboration highlights the seriousness with which German authorities are treating the issue of money laundering in the cryptocurrency space.
The owners of the seized ATMs are now facing prosecution. Under German law, operating a cryptocurrency ATM without the required authorization can result in severe penalties, including up to five years in prison. This serves as a stern warning to other operators who might consider bypassing regulatory requirements.
