German Authorities Seize $28M In Cash Over Unlicensed Crypto ATMs

Author: Nidhi Kolhapur

Nidhi Kolhapur

Author

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Aug 21, 2024 12:13

In a recent crackdown, the German authorities have seized $28 Million in cash nationwide as it confiscated 13 machines installed in 35 unlicensed cryptocurrency ATM locations. Crypto ATMs are machines that enable users to purchase and sell cryptocurrencies like Bitcoin using cash or a debit card. While such transactions are governed by the Banking Act in Germany, there is no legal framework for these machines, which raises concerns over their potential use for illicit activities.  BaFin, the central regulator of the financial markets in Germany, coordinated the raids and pointed out the dangers of using such unregulated ATMs.